High-value transactions like the purchase of rare black horses can be risky, as highlighted by the recent case of a Punjab man who lost ₹23 lakhs to a horse trader. However, you can protect yourself from such scams by using an escrow system like Castler, which provides fraud protection for both buyers and sellers.
An escrow system such as Castler works by holding the payment from the buyer in a secure account until the seller has delivered the goods or services as promised. This ensures that the seller does not receive payment until the buyer has received what they paid for. In the case of the Punjab man who was duped by the horse trader, using Castler could have protected him from losing his money.
By using Castler, the buyer would have deposited the payment into a secure escrow account, and the seller would have been notified to deliver the horse. Once the horse had been received and confirmed to be the rare black horse of the finest breed, the payment would be released to the seller. If the horse turned out to be a regular brown horse, the buyer could dispute the transaction and the payment would not be released until the matter was resolved.
An escrow system like Castler also benefits the seller, as it provides them with the assurance that the payment is secure and will be released only upon the successful completion of the transaction. This can encourage more sellers to participate in high-value transactions, as they know that they will be protected from fraudulent buyers.
In conclusion, the recent rare black horse scam serves as a reminder of the importance of caution in high-value transactions. By using an escrow system like Castler, you can protect yourself from fraud and ensure that transactions are completed successfully. Don’t fall victim to scams – use Castler for safe and secure transactions.
