Castler closes Pre-Series A funding of $6 Million led by Flipkart, Capital 2B, IIFL Fintech Fund, Venture Catalysts & Zerodha

How Castler Escrow Could Have Prevented the Mumbai Insurance Scam

In a recent scam, a Mumbai woman lost ₹944 lakh (around $12 million) to fraudsters who posed as insurance agents. The woman was duped into transferring the money to the fraudsters’ bank account, believing that it was a payment for an insurance policy.

Castler Escrow is a platform that helps to protect buyers and sellers in online transactions. When a buyer and seller use Castler Escrow, the money is held in an escrow account until the transaction is complete. This means that the buyer can be sure that they will not lose their money if the seller does not deliver the goods or services as promised.

In the case of the Mumbai insurance scam, if the woman had used Castler Escrow, she would not have lost her money. The money would have been held in escrow until the insurance policy was issued. If the insurance policy had not been issued, the woman would have been able to get her money back.

Castler Escrow is a safe and secure way to make online payments. It can help to protect you from fraud and ensure that you get what you pay for.

Here are some of the ways in which Castler Escrow could have prevented the scam:

  • Castler Escrow requires all users to verify their identity. This helps to prevent fraudsters from creating fake accounts.
  • Castler Escrow uses a variety of security measures to protect its users’ money. This includes two-factor authentication and fraud detection software.
  • Castler Escrow has a team of customer support representatives who are available 24/7 to help users with any problems they may encounter.

If you are considering making an online payment, I encourage you to use Castler Escrow. It is a safe and secure way to make payments and can help to protect you from fraud.