Truecaller today launched Truecaller Fraud Insurance for premium subscribers in India, aiming to address the rising digital financial frauds totaling INR 1.25 lakh crore over the past three years.
This initiative reflects Truecaller’s response to the urgent need for enhanced protection measures against fraud.
Truecaller Fraud Insurance
Truecaller Fraud Insurance provides added protection against fraud for premium subscribers in India on both iOS and Android.
Partnered with HDFC ERGO, this insurance offers coverage up to Rs. 10,000. Users can easily activate it through the Truecaller app without any additional paperwork.
This offering enhances the user experience by providing comprehensive protection, including AI call scanner, AI Assistant, spam blocking, and Fraud Insurance.
Subscription Details
The fraud coverage is seamlessly integrated into the Truecaller app and activates once the user opts in for the insurance option.
- The Fraud Insurance is available to annual subscribers, with an option to upgrade for those who are not eligible.
- Existing subscribers of certain plans receive this protection for free, and Truecaller Family plan users can extend the coverage to all members.
Registration Process
Registering for Fraud Insurance are as follows:
- Open the Truecaller app.
- Navigate to the Premium Tab.
- Opt for the Yearly Premium Plan if not already subscribed.
- Select Fraud Insurance and follow the prompts to activate coverage.
Important Points to Remember
- Eligibility: Indian residents aged 18 or older, including foreigners with an Indian phone number, as well as Indian residents traveling abroad for a short duration, can register.
- Automatic Renewal: Your insurance is linked to your subscription so it will renew automatically along with your subscription.
- Support: For any insurance-related queries, visit the self-help portal of our insurance partner through the “Fraud Insurance” card on the Premium screen.
- Digital theft of funds is covered under HDFC ERGO cyber sachet insurance.
User Base and Commitment
Truecaller, with over 400 million users globally and 285 million in India, continues to safeguard its users against online fraud and scams. The launch of Fraud Insurance reinforces Truecaller’s commitment to providing comprehensive fraud protection solutions.
Premium Subscriber Growth in India
The company highlighted that Truecaller Premium has over one million subscribers in India.
The subscriber growth on iOS has been strong, with a 50% year-over-year increase and a subscription conversion rate above 2% both in India and globally.
In the first quarter of 2024, Truecaller reported global subscription revenue of SEK 58 million, an annual growth of 25%, and a record high ARPU.
Availability
Truecaller Fraud Insurance will initially be available in India for iOS and Android users.
Commenting on the launch, Alan Mamedi, CEO, stated:
Despite providing the world’s best caller identification and fraud protection services, some of our users unfortunately can fall victim to criminal fraud. We aim to offer peace of mind by safeguarding our users before, during, and after interactions. Recently, we introduced our AI Call Scanner to combat deepfake voices, and today, we are taking another significant step forward. A significant portion of online fraud originates from phone calls and messages, often involving relatively small amounts in India. We understand the challenges in recovering losses, and by introducing an insurance product, we aim to remove barriers and facilitate restitution. While we begin in our largest market, India, our goal is to expand this insurance solution to more regions.