In a recent article in the Economic Times, a senior citizen was scammed out of Rs. 1.5 lakhs by a fraudster who posed as a government official. The victim was convinced to transfer the money to the fraudster’s account by pretending that they owed money in taxes.
This is just one example of the many scams that senior citizens are being targeted with. These scams are often very sophisticated, and it can be difficult for victims to know what to do.
However, there is a way to protect yourself from these scams: use an escrow platform like Castler.
How Castler Escrow Platform Works:
An escrow platform is a third-party service that holds money or assets on behalf of two parties involved in a transaction. The money or assets are only released to the seller once the buyer has fulfilled their obligations under the contract.
This means that if you use an escrow platform, you can be sure that your money is safe until the transaction is complete.
How Castler Escrow Platform Could Have Prevented This Scam:
In the case of the scam mentioned in the Economic Times article, if the victim had used Castler Escrow Platform, they would not have lost their money.
This is because the money would have been held in escrow by Castler until the victim received the goods or services they were promised. Once the victim received the goods or services, they would have approved the release of the money to the seller.
If the seller did not deliver the goods or services, the victim would have been able to cancel the transaction and get their money back.
Using an escrow platform like Castler is a great way to protect yourself from scams. If you are ever involved in a transaction with someone you do not know, it is always a good idea to use an escrow platform to protect your money.