Truecaller acquires TrustCheckr service to expand enterprise services

Caller ID platform Truecaller announced the acquisition of Unoideo Technologies Pvt Ltd, a Bengaluru-based fraud detection company, to enhance the risk intelligence tool for enterprises that it launched last week.

Unoideo provides TrustCheckr, a software-as-a-service (SaaS) solution that helps businesses verify customer information and detect the risk of fraud based on phone numbers and digital signals. The service is currently used by banks, fintech companies, and financial institutions, among other sectors. Financial details of the deal have not been disclosed.

“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. Fraudsters operate differently than spammers, so investing in enhancing our fraud detection capabilities is a natural evolution for us," said Nami Zarringhalam, co-founder, chairman and chief strategy officer at Truecaller.

He added, "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 which includes the newly launched Risk Intelligence services where we support enterprises to minimise 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 powerful.”

TrustChekr will introduce customers like IIFL Finance Limited and Piramal Capital and Housing Finance Limited, as well as a number of relationships with other potential customers, to Truecaller's business. The acquisition will bring seven full-time employees and improved tech capabilities to Truecaller, the company stated.

This business decision was finalised 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.