The new initiative claims to protect an individual’s overall direct and indirect communication channel from fraud in one go.
Truecaller, a global communications platform joins HDFC ERGO, one of the general insurers in India, will launch Fraud Insurance. As for consumer protection against cyber scams involving Indian digital communication facilities, the group emphasized on an increased awareness of emerging concerns stated by the Indian Cyber Crime Coordination Centre. Fraud made through these new digital financial techniques has surpassed Rs 1.25 lakh crore in the last three years only.
The Fraud Insurance product is proposed to provide up to Rs 10000 to all Android and iOS users in India. It will be available to all annual premium subscribers of Truecaller and shall be within the Truecaller application; the user will only have to consent to its activation. For the existing customers, this protection is brought with no additional charge since it is part of their coverage plan.
A media release stated that this feature, which does not include any form of new paperwork whatsoever, enriches the user experience with comprehensive protection before, during, and after communication, powered by Truecaller’s own AI Spam Blocking and Call Scanning functions.
Rishit Jhunjhunwala, Chief Product Officer and MD, Truecaller India, said "We're thrilled to launch this innovative insurance offering as part of our ongoing commitment to providing comprehensive solutions that prioritize user security and trust...As we continue to innovate and adapt to the changing landscape of digital communication, Truecaller remains steadfast in our promise to empower users with the tools they need to stay safe online."
Vishal Sikand, Joint President, Commercial Lines, HDFC ERGO General Insurance, pointed to the growth in digital mobile payments and a resultant increase in digital fraud. He said the partnership with Truecaller will leverage technology for customer-centric innovation.
"Our comprehensive insurance offering, coupled with Truecaller's extensive user base will propel financial inclusion along with protection from digital communications fraud in the country", Sikand said. This cooperation is a step towards protection from fraud, and enhance digital safety and user experience, the release said.