Truecaller Launches Fraud Insurance Product in India to Protect Users from Online Scams
Swedish caller identification app Truecaller has partnered with HDFC ERGO Truecaller to introduce a new insurance product aimed at safeguarding users in India from digital communication frauds.
The new offering, called Truecaller Fraud Insurance, is accessible on both iOS and Android operating systems. With a user base of 285 million in India, Truecaller’s goal is to shield its users from online fraud and scams through this new product.
Upon activation of the coverage using the mobile application, users will receive initial coverage of up to Rs10,000 ($120). Premium customers of Truecaller are eligible for the fraud insurance product, while non-premium users can upgrade to a higher plan to access it. Additionally, current customers of certain plans can avail of the coverage at no cost. By enabling Truecaller Family, subscribers can extend coverage to all members of their plan.
Truecaller CEO Alan Mamedi emphasized the importance of protecting users from criminal fraud, stating, “Despite offering the world’s best caller identification and fraud protection services, some of our users unfortunately can become victims of criminal fraud. We want to be able to offer peace of mind by protecting our users before, during, and after an interaction.” He also highlighted the launch of the AI Call Scanner to combat deep fake voices and the introduction of the insurance product as additional steps in enhancing user security.
According to a study by the Indian Cyber Crime Coordination Centre, digital financial scams have resulted in losses of Rs1.25bn over the past three years. Mamedi acknowledged the prevalence of online fraud initiated through phone calls and messages, particularly involving modest amounts in India. The insurance product aims to simplify the process of seeking restitution for losses incurred due to fraud.
Truecaller plans to initially offer the fraud insurance solution in India, its largest market, with intentions to expand to other regions in the future. In related news, Zurich recently completed the acquisition of a 70% stake in India’s Kotak Mahindra General Insurance Company in a deal valued at Rs55.6bn.
The collaboration between Truecaller and HDFC ERGO Truecaller underscores the commitment to enhancing user security and combating digital fraud in India. With the introduction of Truecaller Fraud Insurance, users can now have added protection against online scams and fraudulent activities, providing them with peace of mind in their digital interactions.