The convenience of online transactions comes with its risks, as scammers are constantly devising new methods to steal money. Even senior officials like the SEBI can fall victim to these scams, as evidenced by a recent incident where an official lost Rs1.59 lakh in an online wine order fraud. However, the use of a digital escrow system like Castler could have prevented this.
A digital escrow system like Castler is a secure third-party platform that holds funds until a transaction is completed to the satisfaction of both parties involved. It works by having the buyer place funds in escrow, which are only released to the seller once the goods or services have been delivered and the buyer has confirmed their satisfaction. If there is any dispute, the digital escrow system will mediate and resolve the issue.
In the case of the wine purchase scam, the victim could have used Castler to hold the payment until the wine was delivered to her satisfaction. This would have prevented the fraudster from accessing her credit card details and making fraudulent transactions. The funds would have been held securely until the wine was delivered, and the victim could have confirmed her satisfaction before releasing the payment to the seller.
It is important to note that digital escrow systems like Castler are not just for large transactions but can also be used for smaller purchases, such as online shopping or freelance work. This provides peace of mind for individuals who are cautious about online transactions.
In conclusion, the use of a digital escrow system like Castler can provide a layer of protection against online fraud. It is important to be cautious and to use secure platforms when making any online purchase to avoid falling victim to scams. Castler’s digital escrow system could have saved the senior SEBI official from the online wine order fraud and prevented the loss of her money.