- Truecaller to acquire TrustCheckr, a fraud detection solution
- TrustCheckr assists organizations in verifying client information and detecting fraud risks.
- Truecaller’s recently introduced risk intelligence solution for corporations will be enhanced by this deal
- According to Truecaller’s co-founder Nami Zarringhalam, the acquisition will bring value to both its user base and current enterprise solutions.
Truecaller, the trusted caller ID and spam-blocking app, is making waves with its latest strategic move – the acquisition of Bengaluru-based TrustCheckr, a standout player in fraud detection.
While the details of the deal are disclosed, Truecaller has stated that it will utilize its cash reserves to finance the acquisition, with the transaction expected to conclude in the last quarter of 2023.
TrustCheckr, Founded in 2017 by Adhip Ramesh, Praveen Raj, and Shivraj Harsha, TrustCheckr operates as a software-as-a-service (SaaS) platform, specializing in helping businesses verify customer information and identify potential fraud risks through phone numbers and digital signals. They have received notable recognition, and investments from entities like IIFL Fintech Fund, totaling $1.1 million in funding.
This acquisition will give Truecaller a good spike in the enterprise sector. Recently, Truecaller introduced its enterprise risk intelligence tool, to empower businesses in tackling risks and fraud.
With TrustCheckr on board, Truecaller is ready to charge up this tool’s deployment. TrustCheckr’s seven experts are joining the Truecaller family, ensuring this becomes their master move!
At a time when the world is witnessing an uptick in fraud attempts, especially in the realm of mobile banking, robust fraud detection solutions are more critical than ever.
Nami Zarringhalam, Truecaller’s founder, explained their shift in focus from caller identification and spam protection to addressing the growing menace of fraud calls and messages. Now that fraudsters have upped their game, it’s only natural for Truecaller to evolve and adapt.
TrustCheckr’s expertise in identifying fraudsters through digital signals will complement Truecaller’s internal data. Together, they will create a formidable fraud detection solution for businesses.
As part of the deal, TrustCheckr will also bring its existing customers, into the Truecaller for Business fold. Truecaller’s acquisition of TrustCheckr will strengthen its enterprise offerings and make it a trusted ally in the fight against fraud.
Clearly, Truecaller is to make significant strides in the landscape of enterprise risk intelligence and fraud detection.