Picture this scenario: You get an SMS from your bank stating that money from your account has been debited. In a state of panic, you call the helpline number mentioned in the SMS. The customer support answers the call, asks for more information about your bank account, and takes you through a few steps. The call gets cut midway and then you get an SMS from the bank stating that the whole account has been debited. Sounds familiar? This may come as a shock to many, but this is one of the most common phone scams that happen every day in India. Despite educational and preventative mechanisms, phone scams are rising at an alarming rate in the country. According to a GlobalData report, losses caused by Authorized Push Payment scams are expected to increase by 85% in India by 2026. Experian’s Global Identity & Fraud Report states that India is one of the most vulnerable to scams, with 29% of consumers have been the victim of online fraud. As India moves into a more digital space, consumers and businesses are now susceptible to new and innovative types of scams as fraudsters are constantly evolving their modus operandi.
With rising instances of phone scams, Truecaller is making a strong effort to make communications safer and build a secure digital environment. Truecaller has played a pivotal role in helping over 24 crore Indians identify, block, and…
