Truecaller has partnered with HDFC ERGO to launch its new fraud insurance product. Initially available to premium subscribers in India on both iOS and Android platforms, this new service aims to safeguard users against the growing threat of online fraud and scams, according to a statement from Truecaller.
The statement said that premium subscribers can activate their fraud coverage directly within the Truecaller app, with an initial coverage amount of up to Rs 10,000. The insurance product is seamlessly integrated into the app, ensuring a smooth and hassle-free experience for users.
Commenting on the launch, Alan Mamedi, CEO, Truecaller, said in the statement, “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. Recently, we launched our AI Call Scanner to protect against deepfake voices and today we are taking one more step.
“A large degree of online fraud is initiated over phone calls and messages, and the majority of them concern relatively modest amounts in India. We know how hard it is to reclaim any losses and by launching an insurance product, we hope to remove stigmas and lower the barriers on how to get restitution. We will start to offer this service in our largest market India, but the ambition is to launch the insurance solution in more markets across our regions,” he added.
Further, the statement mentioned that subscribers who are not currently eligible for the fraud insurance product have the option to upgrade their plan, while those with certain existing plans will receive the protection for free. Additionally, users with activated Truecaller Family plans can extend the coverage to include all members of their plan.
