Truecaller partners with HDFC ERGO to combat digital fraud in India with ‘Fraud Insurance’; how it works

Truecaller has partnered with HDFC ERGO, a general insurance company, to launch Fraud Insurance. With this partnership they aim to empower users with enhanced protection against the rising threat of digital communication frauds.

The Fraud Insurance offers a coverage of up to Rs 10,000 for both Android and iOS users across India. This offering is particularly beneficial for yearly premium subscribers, who receive it as part of their existing plan. Existing Truecaller users can get this protection for free. Additionally, you can activate this coverage in the Truecaller app itself without actually going through the paperwork.

The Fraud Insurance will also come with Trucaller’s existing suite of security features like creating fraud shield against digital frauds. You will also get features like AI spam blocking, AI Assistant, and call scanner to deflect any sort of threats. The insurance will provide users with financial reimbursements in case a scam manages to bypass these initial safeguards.

As per a recent report by Indian Cyber Crime Coordination Centre, over the past three years, digital financial frauds have resulted in a staggering loss of Rs 1.25 lakh crore.

Rishit Jhunjhunwala, Truecaller's Chief Product Officer and MD, India, expressed stated,  "We are thrilled to introduce this innovative insurance offering. It underscores our unwavering commitment to providing comprehensive solutions that prioritize user security and trust. Fraud Insurance isn't just a feature; it's a reinforcement of our dedication to protecting our community from the ever-evolving threats of digital fraud. We empower users with the peace of mind they deserve in today's complex digital landscape."

HDFC ERGO General Insurance echoes this sentiment. Vishal Sikand, Joint President, Commercial Lines, said, "The pandemic fueled the growth of digital mobile payments in India. While convenient, it also opened the door for increased digital fraud. Partnering with Truecaller aligns perfectly with our commitment to leveraging technology for customer-centric innovations. Our comprehensive insurance, combined with Truecaller's massive user base, will significantly contribute to financial inclusion and protection against digital communication fraud in India."