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 Protected an Elderly Businessman from Insurance Fraud

In between July 2020 and December 2022, an elderly businessman in Pune was cheated of Rs 88.95 lakh by online fraudsters who posed as executives of an insurance company. The fraudsters told the victim that he needed to pay fines and additional charges to revive his lapsed insurance policies. The victim, who was unaware that his policies had lapsed, transferred money to the fraudsters’ bank accounts on seven different occasions.

If the victim had used Castler Escrow, he would have been protected from this scam. Castler Escrow is a platform that allows buyers and sellers to transact online with confidence. When a transaction is placed on Castler Escrow, the funds are held in escrow until the buyer is satisfied with the goods or services they have received. In this case, the victim would have transferred his money to Castler Escrow, rather than directly to the fraudsters’ bank accounts. Once the victim had received confirmation that his insurance policies had been revived, he could have released the funds from escrow to the fraudsters.

Castler Escrow provides a number of benefits that would have protected the victim in this case. First, it would have given the victim peace of mind knowing that his money was safe until he was sure that he had received the goods or services he had paid for. Second, it would have prevented the victim from being scammed by fraudsters who pose as legitimate businesses. Third, it would have provided the victim with a record of the transaction, which could have been used to file a police report if he had been scammed.

If you are concerned about being scammed when transacting online, Castler Escrow is a valuable tool that can help to protect you. To learn more about Castler Escrow, visit our website at www.castler.com.

In addition to the benefits mentioned above, Castler Escrow also offers a number of other features that can help to protect users from fraud. For example, Castler Escrow uses two-factor authentication to verify the identities of users. This helps to prevent unauthorized access to accounts. Castler Escrow also uses encryption to protect user data. This helps to ensure that data is safe from unauthorized access or disclosure.

If you are looking for a secure and reliable way to transact online, Castler Escrow is a great option. With Castler Escrow, you can be confident that your money is safe and that you are protected from fraud.