Truecaller, the premier global platform for authenticating contacts and banning unsolicited conversations, has acquired Unoideo Technologies Pvt Ltd, based in India. The company offers the service TrustCheckr, which enables organisations check client information and detect fraud risk based on phone numbers and digital signals via a SaaS platform. TrustCheckr’s current offering has piqued the interest of firms from a variety of industries, with banks, fintech, and other financial institutions showing the most interest. Truecaller’s risk intelligence product for organisations, which was launched last week, will be strengthened by the acquisition, and with improved technology, the roll-out of that offering will be accelerated.
“Truecaller is the world’s leading solution for detecting spam and fraud efforts. While our primary focus has been on CallerID and spam protection, fraud calls and messages are expanding at an unprecedented rate globally as a result of mobile banking, for example. Because fraudsters behave differently than spammers, investing in improving our fraud detection skills is a natural progression for us. Truecaller will gain a valuable service and expertise as a result of the acquisition, which we feel will provide value to our users while also strengthening our current enterprise offering and the recently announced Risk Intelligence-services, through which we assist organisations in reducing risk and fraud. “The combination of TrustChekr’s skills in identifying fraudsters through external signals of fraud and Truecaller’s internal signals will be extremely powerful,” says Nami Zarringhalam, Truecaller’s co-founder, Chairman, and Chief Strategy Officer.
TrustCheckr won the Reserve Bank of India’s (RBI) inaugural worldwide Hackathon in the area of ‘Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption’ in 2022. TrustChekr brings established customers such as IIFL Finance Limited, Piramal Capital, and Housing Finance Limited, as well as multiple relationships with other potential Truecaller for Business customers. Truecaller gains seven full-time staff as well as enhanced technological capabilities as a result of the acquisition.
The deal was completed in the fourth quarter of 2023 and is being financed with existing cash. It will have a minimal cash flow effect and will have no meaningful impact on financial results in 2023.