Truecaller receives five million fraud complaints every day, according to its India MD and CPO, Rishit Jhunjhunwala.
As Digital Public Infrastructure gets better, financial frauds are also going up drastically, he said.
According to a report conducted by the Future Crime Research Foundation (FCRF), a nonprofit organisation affiliated with IIT Kanpur, online financial fraud accounted for 77.4% of cybercrimes between January 2020 and June 2023.
According to an India Today report, about 840 million people in India currently have a digital presence and internet connections have increased by 250% over the past nine years.
Jhunjhunwala highlighted the need for collaborative efforts, stating, “One agency can’t solve this problem alone, it needs Public-pubic and public-private partnerships.”
In September, for instance, Google Cloud partnered with the Ministry of Electronics and Information Technology (MeitY) to train 1,000 government officials and provide 1 lakh cybersecurity certificate scholarships to learners.
He added that Truecaller is partnering with government agencies to prevent impersonation, it is also running awareness programmes in tandem with the government, targeting 16 lakh individuals to educate them about evolving fraud threats.
Leveraging government data, Truecaller aims to enhance its technological capabilities, staying ahead of fraudsters. Despite the challenges, Truecaller reaffirms its significant investments in India, vowing to expand and combat fraud.
With over 250 million users, India is Truecaller’s largest market. With 350 million members worldwide, it makes money through subscription services, advertising, and verified business listings.