Truecaller has launched a new feature called Truecaller Fraud Insurance. The service, which is initially available for both iOS and Android users in India, aims to provide premium customers with additional protection in case they fall victim to fraud. To provide the services, Truecaller has partnered with HDFC Ergo. Given the rise in scams, this new feature will really help users who have fallen victim to online scams. However, the feature will be available for premium customers only for now.

What is Truecaller Fraud Insurance?

Truecaller Fraud Insurance is a new feature offered by Truecaller in partnership with India’s leading insurance company HDFC ERGO. This insurance provides coverage of up to Rs 10,000 for fraudulent activities. This insurance is seamlessly integrated into the Truecaller app, making it easy for users to activate and manage their coverage directly from their mobile device.

Who can use this feature?

Premium Subscribers: This insurance is available to Truecaller’s annual premium subscribers. Some existing premium plans will include the insurance at no additional cost.

– Family Plan Users: Truecaller Family customers can extend the insurance coverage to their family members.

– Upgrade option: Users who are not currently eligible can upgrade their plan to get access to this insurance.

How to activate the insurance?

–Open the Truecaller app: Make sure you have the latest version of the app installed.

-Go to Insurance option: Find the Fraud Insurance option in the app’s Settings or Premium Features section.

–Opt-in: Follow the prompts to activate your coverage.

why is it important?

Online fraud is a significant concern, and many scams are initiated through phone calls and messages. Recovering money lost to fraud can be challenging and often involves small amounts that are still significant to individuals. Alan Mamedi, CEO of Truecaller, highlights the importance of providing users with peace of mind by providing protection before, during, and after interactions with potential fraudsters.

Truecaller has a huge user base, with over 400 million users worldwide and 285 million users in India alone. The introduction of this insurance is part of Truecaller’s efforts to enhance user safety. The company previously introduced an AI call scanner to combat deep fake voice scams and continues to innovate in the area of ​​user safety.

Truecaller Premium has seen significant growth, particularly on iOS, with subscriptions growing 50% year-over-year in India. The company plans to expand the insurance feature to more markets in the future. Truecaller recorded global subscription revenue of SEK 58 million in Q1 2024, representing 25% year-on-year growth and delivering an all-time high average revenue per user (ARPU).