“TrustCheckr’s current offering has attracted interest from 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,” the Stockholm-headquartered company said in a statement.
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TrustCheckr, through software-as-a-service (SaaS) platform, helps businesses verify customer information and detects risk of fraud based on phone numbers and digital signals. Its customers include IIFL Finance Limited and Piramal Capital and Housing Finance Limited.
“While our main focus has been on CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally. Fraudsters operate in a different manner than spammers, so investing in elevating our fraud detection capabilities is a natural evolution for us,” said Nami Zarringhalam, co-founder, chairman and chief strategy officer at Truecaller.
The new acquisition will add value to users and strengthen current enterprise offering, he added, which includes Truecaller’s recently launched risk intelligence services that support enterprises in minimising 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,” Zarringhalam said.
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The acquisition will add seven full-time employees and improved tech-capabilities to Truecaller, the statement said. It added that the decision was finalised during Q4 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 Truecaller’s 2023 financial results, the company said.
Truecaller has 356 million active users with over a billion downloads since launch in 2009. The platform has identified and blocked nearly 50 billion unwanted calls in 2021.
Last year at the Reserve Bank of India’s first global hackathon, TrustCheckr won the “HARBINGER 2021 – Innovation for Transformation” award in the category of “Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption”.
