Caller ID platform Truecaller has announced the acquisition of Unoideo Technologies Pvt Ltd, a Bengaluru-based fraud detection company, to enhance the enterprise risk intelligence tool it launched last week.
Unoideo offers TrustCheckr, a software-as-a-service (SaaS) solution that allows companies to verify customer information and detect fraud risk based on phone numbers and digital signals. The service is currently used by banks, fintech companies and financial institutions, among others. Financial details of the deal were not disclosed.
“Truecaller is the number one solution for identifying both spam and fraud attempts worldwide. While our primary focus has been on caller ID and spam protection, fraud calls and messages are increasing at an unprecedented rate worldwide. Fraudsters operate differently than spammers, so investing in improving 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 great service and competence to Truecaller which we believe will both add value to our users and strengthen our current enterprise offering, including the recently launched Risk Intelligence services through which we support enterprises to manage risk and minimize fraud. The combination of TrustChekr’s skills in identifying fraudsters through external fraud signals with Truecaller’s internal signals will be powerful.”
TrustChekr will introduce clients like IIFL Finance Limited and Piramal Capital and Housing Finance Limited, as well as a number of relationships with other potential clients, to Truecaller’s business. The acquisition will give Truecaller seven full-time employees and enhanced technical capabilities, the company said.
This business decision was completed in the fourth quarter of 2023 and is funded with existing cash resources. It will have a minor cash flow impact and is not expected to have a material impact on 2023 financial results.
First print: Oct 6, 2023 | 6:49 PM IST