Truecaller, the leading global platform for verifying contacts and blocking unwanted communications, has acquired the India-based company Unoideo Technologies Pvt Ltd. The company provides the service TrustCheckr that through a SaaS platform helps businesses verify customer information and detect risk of fraud based on phone numbers and digital signals.
TrustCheckrs current offering has attracted interest from companies in different industries with the most noticeable interest coming from banks, fintech, and other financial institutions. The acquisition will strengthen Truecaller’s risk intelligence tool for enterprises, which was launched last week, and with improved tech it will speed up the roll-out of that offering, as per the statement.
“Truecaller is the number one solution for identifying spam as well as fraud attempts globally. While our main focus has been on CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally by virtue of e.g. mobile banking. Fraudsters operate in a different manner than spammers so investing in elevating our fraud detection capabilities is a natural evolution for us. The acquisition will add a great service and competence to Truecaller that we believe will both bring value to our users and strengthen our current enterprise offering and the newly launched Risk Intelligence-services where we support enterprises to minimize risk and fraud. The combination of the skills that TrustChekr has in identifying fraudsters through external signals of fraud with Truecaller’s internal signals will be really powerful,” says Nami Zarringhalam, co-founder, Chairman and Chief Strategy Officer at Truecaller.
In 2022 TrustCheckr won the Reserve Bank of India’s (RBI’s) first global Hackathon -‘HARBINGER 2021 – Innovation for Transformation’ in the category of ‘Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption’. TrustChekr bring existing customers like IIFL Finance Limited and Piramal Capital and Housing Finance Limited plus several relationships with other potential customers for Truecaller for Business. The acquisition adds seven full-time employees and improved tech-capabilities to Truecaller, according to the statement.
The acquisition has been finalized during the fourth quarter of 2023 and is financed through existing cash. It will have a minor cash flow effect and is not expected to have a material impact on the financial results in 2023.
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