App for caller id and spam protection On October 6, Truecaller said that, in order to improve its enterprise capabilities, it had acquired Bengaluru-based TrustCheckr, a fraud detection service.
Despite the fact that Truecaller withheld the deal’s magnitude, the acquisition is being paid for with cash on hand and is anticipated to close in Q4 2023.
TrustCheckr is a software-as-a-service (SaaS) platform that assists businesses in validating client data and identifying fraud risk based on phone numbers and electronic signals. It was founded in 2017 by Adhip Ramesh, Praveen Raj, and Shivraj Harsha.
The firm has so far raised a total of $1.1 million in investment, and IIFL Fintech Fund is one of its investors.
With the addition of TrustCheckr, Truecaller’s enterprise risk intelligence solution, which aids companies in reducing risk and fraud, should be strengthened. The partnership, according to the company, will hasten the tool’s deployment after its launch last week. Seven full-time employees from TrustCheckr will join Truecaller as a result of the transaction.
According to a statement from Truecaller, banks, fintech companies, and other financial institutions have expressed “noticeable interest” in TrustCheckr’s products.
According to the agreement, TrustCheckr will introduce additional new customers and current clients to Truecaller for Business, including IIFL Finance Limited, Piramal Capital, and Housing Finance Limited.
“While CallerID and spam prevention have been the main areas of our attention, fraud calls and texts are growing at an unprecedented rate globally as a result of things like mobile banking, for example. For us, investing in improving our fraud detection capabilities is a logical step because fraudsters behave differently from spammers, according to Truecaller founder Nami Zarringhalam.
“Truecaller’s internal signals combined with TrustCheckr’s expertise in identifying fraudsters through external signals of fraud will be really powerful,” he said.
As part of its range of products, Truecaller Assistant, an artificial intelligence-driven function, was previously introduced in August. The feature may be trained to answer calls on behalf of the user.
The virtual assistant is cloud-based and currently supports interaction in Hindi, English, and the Indianized language known as “Hinglish,” Truecaller India’s managing director, Rishit Jhunjhunwala, told ET.
Additionally, users can see live transcriptions of the caller’s dialogue with the AI-powered bot.
The feature will initially only be accessible to Android users, but it will soon also be made available to iOS users. Additionally, the business wants to add more Indian languages to the system.
