Safety is the new keyword which is in the news these days. With revolution and development going hand in hand. The time has come when the world is witnessing revolution and innovation in the field of fintech. This revolution in the spheres of fintech has led to digital payments. But with digital payments comes its challenges, which leads you to a series of payment problems.
Thus, staying secure and safe from imposter is the topmost concern for everyone out there. According to a report by Merchantsavvy, Global losses from payment fraud have tripled from $9.84 Billion in 2011 to $32.39 in 2020.
Payment fraud is expected to continue increasing and projected to cost $40.62 billion in 2027 – 25% higher than in 2020.
Hence, National Safety Day is celebrated as an awareness day to make sure that no one is compromising on safety.
The most common fraud which has its imprint on many people. There are many imposters who have their eyes on someone else’s credit. These people are usually engaged in stealing your personal information. This in turns leads them to access your vital information and henceforth, get access to the amount credited in your account.
Another type of payment fraud which traps people into the vicious cycle of scams is phishing. Here the fraudsters try to send you emails, texts, advertisements etc. By clicking on such random information, you get involved in some volatile sites which in turn leads you to payment scams.
Yet another interesting way of getting yourself trapped into malicious scams. This happens when, the imposters can easily hack your credentials or code which was like an entry pass to your account.
Here the imposter tries to take control over your entire website by either plugin or via an app store which gives the imposters complete access to the company’s credentials, website control and many other details.
Thus, to save themselves from these payment scams, fintech has gone beyond innovation and has come up with online escrow services which prevent you from getting caught in payment frauds.
Escrow service is wherein an escrow agent acts as a third party agent. Here the agent receives and disburses the amount or the goods between the transacting parties. The former also makes sure that when and only the terms and conditions of the transactions between both the transacting parties are met, only then the given transaction is completed.
The escrow service provider is backed by the RBI licensed banks. These institutions make sure that the amount is safe and does not go in the hands of the escrow agent. This makes escrow services more legitimized.
To make this understanding more easy, let’s take an example of a money vault or an ATM. Both of them have some amount of money stored in them, the money is deposited by the bank and the money is taken out of the vault or ATM by the people according to their needs.
In the same manner, an escrow service provider acts as a middleman wherein the money is deposited in the escrow account and disbursed to the respective transacting party. But the only difference here is that an agreement is prepared before the transaction takes place. This agreement is executed between the transacting parties. Once and only the entire terms and conditions of the agreement is fulfilled only then the amount from the escrow account is disbursed.
Escrow is another name for safety especially when it comes to online payment. Frauds have found their commonplace as soon as the internet entered the payment spheres. Hence, escrow service has come as a solution in disguise to save you from becoming a victim of payment frauds.
At, Castler– Digitized Escrow Solution, we ensure that the transactions are only made between verified parties. It’s the core responsibility of Castler to make sure that the accounts between whom the transaction is taking place is 100% verified. The account validation is done by getting the KYC of both the transacting parties. Besides that an agreement is also executed keeping in mind the terms and conditions of both the transacting parties. And lastly, Castler is backed by multi-level protection and different levels of authentication. Payouts are also approved by certified trusteeship companies and the funds are also maintained in RBI licensed banks. All these features are incorporated in Castler keeping in mind the ‘Safety’ concern of every individual when it comes to online payments.
There are many who get trapped in payment scams and only a few chunk of people are actually aware about methods to incorporate for safe payment. It’s time when we all create awareness among people about safe payment zones. Communication is the vital step to make this a success. Try and help people know about various methods of safe pay like- payment encryption, identifying the difference between safe and vague notifications, avoid sharing personal information, etc.
Stay Aware to Stay Safe-Use Castler For Safe Pay
Read More- Escrow: A Powerful Way to Secure Your Money