To offer Fraud Insurance, Truecaller has teamed up with general insurance provider HDFC ERGO. Through this collaboration, they hope to provide users with better defense against the growing danger of fraudulent digital activities.

Users of iOS and Android devices in India can get coverage of up to Rs 10,000 with the Fraud Insurance. For yearly premium users who already have it as part of their plan, this option is very advantageous. This protection is free for current Truecaller subscribers. Furthermore, you don't need to go through the paperwork to activate this coverage—you can do it directly using the Truecaller app.

Along with the Fraud Insurance, Trucaller's current security features will be included, such as the ability to create a fraud barrier against online scams. In order to ward off threats of any kind, you will also receive features like AI Assistant, call scanning, and spam blocking. If a scam gets past these first lines of defense, the insurance will refund users financially.

Digital financial scams have caused an incredible loss of Rs 1.25 lakh crore over the last three years, according to a recent report by the Indian Cyber Crime Coordination Centre.

Truecaller's Chief Product Officer and MD for India, Rishit Jhunjhunwala, said, "We are excited to launch this cutting-edge insurance solution. It demonstrates our steadfast dedication to provide all-inclusive solutions that put user security and trust first. Fraud Insurance is more than simply a feature; it's a testament to our commitment to safeguarding our neighborhood from the constantly changing risks associated with cybercrime. We give consumers the security they need in the complicated digital world of today."

That's what HDFC ERGO General Insurance says as well. Joint President of Commercial Lines Vishal Sikand stated: "In India, the rise of digital mobile payments was spurred by the pandemic. It was more convenient, but it also made more opportunities for online fraud. Joining forces with Truecaller is a wonderful fit for our mission to use technology to drive innovations that are focused on the needs of the consumer. Our extensive coverage along with Truecaller's enormous user base will make a big difference in India's financial inclusion and defense against digital communication fraud."