Communications application Truecaller has acquired Bengaluru-based Unoideo Technologies, the provider of fraud detection service TrustCheckr.

TrustCheckr, through a SaaS platform, helps businesses verify customer information and detects risk of fraud based on phone numbers and digital signals.

“TrustCheckr’s current offering has attracted interest from different industries with the most noticeable interest coming from banks, fintech, and other financial institutions. The acquisition will strengthen Truecaller’s risk intelligence tool for enterprises which was launched last week,” said the company in its statement.

The deal value was not disclosed. Its customers include IIFL Finance Ltd and Piramal Capital & Housing Finance Ltd.

“While our main focus has been on CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally. Fraudsters operate in a different manner than spammers, so investing in elevating our fraud detection capabilities is a natural evolution for us,” said Nami Zarringhalam, cofounder and chairman of Truecaller.

The deal will add seven full-time employees and improved tech-capabilities to Truecaller, the statement said. This business decision has been finalized during the fourth quarter of 2023. The acquisition is financed through existing cash, it added.

Truecaller has 356 million active users with over a billion downloads since launch in 2009. According to the company, the platform has identified and blocked nearly 50 billion unwanted calls in 2021.

Last year at the Reserve Bank of India’s first global hackathon, TrustCheckr won the “HARBINGER 2021 - Innovation for Transformation” award in the category of “Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption”.

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