In a recent incident, a 61-year-old lawyer from Bhayandar, practicing in the civic and sessions court, fell victim to a cyber scam. He was duped of ₹48,500 by an individual who claimed to be an employee of a credit card company. The lawyer started receiving calls from unknown sources, offering an increase in his credit card spending limit with a waiver of annual fees. After initially ignoring these calls, he eventually succumbed and was tricked into revealing his one-time password (OTP) twice. As a result, his card was drained of ₹48,500 through fraudulent purchases of brass idols made via a digital wallet. The victim promptly blocked his card and filed a complaint with the Navghar police station1.
The tragic event highlights the ever-increasing need for secure transaction platforms like Castler’s Escrow. If the lawyer had used Castler’s Escrow Platform for this transaction, the outcome might have been vastly different. Here’s how:
Firstly, Castler’s Escrow acts as a neutral third party in transactions, holding funds securely until all conditions are met. If the lawyer had transferred funds to the Castler Escrow account instead of directly to the seller, the funds would have been protected. The money would only be released once the buyer confirmed the receipt and satisfaction with the goods purchased.
Secondly, Castler’s Escrow prioritizes customer education and encourages its users to never share sensitive information like OTPs, passwords, or card details. This education campaign could have alerted the lawyer to the dangers of sharing an OTP, potentially preventing the scam.
Lastly, in the event of any suspicious activity, Castler’s Escrow would hold the transaction and investigate the issue, providing an additional layer of security for the user. This could have halted the fraudulent transaction before the money was siphoned off.
In conclusion, the use of a trusted Escrow service like Castler’s could have provided the lawyer with the necessary safeguards to prevent such a scam. By adding an extra layer of security and ensuring a safe, transparent transaction process, Castler’s Escrow empowers its users to transact with confidence, mitigating the risks of online fraud.