Truecaller, the premier worldwide platform for authenticating contacts and banning unsolicited conversations, has acquired India based Unoideo Technologies Pvt Ltd. The firm offers the service TrustCheckr, which enables organizations 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 organizations, which was released last week, will be strengthened by the purchase, and with enhanced technology, the roll-out of that service will be accelerated.

 

"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, as per Truecaller AB.

 

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 performance in 2023.