Truecaller acquires Bengaluru-based TrustCheckr to fight fraud calls
What's the story
Truecaller, the popular caller identification app, has acquired Bengaluru-based Unoideo Technologies, the provider of fraud detection service TrustCheckr. Funded through Truecaller's cash reserves, this move aims to bolster the company's enterprise risk intelligence tool, which assists businesses in reducing risk and fraud. TrustCheckr's software-as-a-service (SaaS) platform verifies customer information and assesses fraud risk using phone numbers and digital signals. The acquisition is slated to close in Q4 2023.
Details
TrustCheckr's team and clients to join Truecaller
As part of the deal, TrustCheckr's seven full-time employees will join the Truecaller team. Additionally, TrustCheckr's existing customers, such as IIFL Finance Limited and Piramal Capital and Housing Finance Limited, will transition to Truecaller for Business. Founded in 2017 by Adhip Ramesh, Praveen Raj, and Shivraj Harsha, TrustCheckr has raised a total of $1.1 million in funding so far.
What Next?
Banks and financial institutions show interest
Truecaller noted that TrustCheckr's services have piqued the interest of banks, fintech companies, and other financial institutions. This acquisition is expected to speed up the deployment of Truecaller's enterprise risk intelligence tool, which was introduced just last week. The tool aims to help businesses tackle the rising global rates of fraudulent calls and messages.
Insights
Addressing the growing issue of fraud calls
Nami Zarringhalam, Truecaller's founder, explained that while their primary focus has been on CallerID and spam protection, investing in fraud detection capabilities is a natural progression for the company. Fraudsters operate differently than spammers, making it essential for Truecaller to enhance its ability to identify them through a combination of external fraud signals and internal signals.
Facts
Truecaller's expanding user base
With a whopping 356 million active users and over a billion downloads since its 2009 launch, Truecaller has identified and blocked nearly 50 billion unwanted calls in 2021 alone. The acquisition of TrustCheckr is expected to further solidify the company's market position, offering additional tools and resources to combat fraud and safeguard users.