Unoideo Technologies Pvt Ltd, based in India, has been acquired by Truecaller, the top global platform for confirming contacts and preventing unwanted calls. The business offers the TrustCheckr service, which uses a SaaS platform to assist businesses in validating customer information and identifying fraud risk based on phone numbers and digital signals.
Companies from a variety of sectors have shown interest in TrustCheckr’s current offering, with banks, fintech companies, and other financial institutions showing the most pronounced interest. With better technology, the acquisition will accelerate the roll-out of Truecaller’s risk intelligence tool for businesses, which was just launched last week.
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“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” says Nami Zarringhalam, co-founder, Chairman and Chief Strategy Officer at Truecaller.
The deal was completed in the fourth quarter of 2023, and it was financed with available cash. It won’t materially affect the financial results in 2023 and will only have a slight impact on cash flow.
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“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” he added .
TrustCheckr won the “Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption” category at the Reserve Bank of India’s (RBI) first international hackathon, “HARBINGER 2021 – Innovation for Transformation” in 2022. Along with several connections to additional potential customers, TrustChekr brings Truecaller for Business several current clients, including Housing Finance Limited, IIFL Finance Limited, Piramal Capital, and other well-known names. With the addition of seven full-time employees, Truecaller gains better technological capabilities.
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About Truecaller
The top global platform for contact verification and communication blocking is called Truecaller (TRUE B). They make it possible for individuals to engage in relevant and safe conversations while also facilitating effective customer engagement for businesses. In digital economies, fraud and unwanted communication are pervasive. particularly in developing markets.
About TrustCheckr
With the help of image processing and artificial intelligence, TrustCheckr, which was founded in March 2017 by Ramesh, an IIM-Lucknow alumnus, and Praveen Raj, an IIM-Calcutta alumnus, helps businesses spot profiles that are fraudulent, fake, or automated.
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