Truecaller Fraud Insurance Policy: What You Should Know About This New Security Measure?

A recent report from India Cybernetic Crime Coordination Centre reveals digital financial frauds have cost India a staggering amount ₹1.25 lakh crore in the last three years.

With the increasing prevalence of such scams, Truecaller has introduced its fraud detection system.insurance policy in association with HDFC Ergo under its insurance product “Cyber ​​Sachet”.

This sure The product, available through the Truecaller app, is designed to protect users from financial losses resulting from fraudulent activities, providing an extra layer of security in an increasingly digital world. Here’s what it means:

Who is eligible?

Indian residents aged 18 years or above are eligible, including foreigners with an Indian phone number regardless of SIM card ownership and Indian residents travelling abroad temporarily.

What is the coverage amount?

Truecaller offers users up to ₹$10,000 as reimbursement for funds stolen due to fraudulent calls or SMS on your Truecaller number. However, this coverage is exclusively available for Android and iOS users across India.

How to access this coverage?

For existing users, if you currently have an annual subscription to Truecaller with Assistant, Assistant Family, Premium, Premium Family, or Gold, this protection is at no additional cost. You just need to activate the coverage in the app or you will receive this feature automatically when you update to the latest version of the app.

For new users, it is necessary to purchase a premium, family premium or annual gold subscription, only then will they be able to access fraud insurance.

However, this insurance is available exclusively to non-commercial and non-professional users, at no additional cost.

How to enable it?

To activate fraud insurance, simply use the Truecaller app and navigate to the Premium tab. This registration is a one-time process and will automatically renew with your Premium subscription. Also, no other documentation is required.

How to file a claim?

If you are the victim of a scam, such as receiving an SMS with a link to a fake website and accidentally providing your account details, or if a scammer tricks you into sharing your banking information over the phone and makes unauthorized transactions, you have the right to file a claim. Here’s how you can file a claim:

• Make sure you have an active Truecaller annual premium subscription.
• Activate your fraud insurance through the premium tab of the app.
• Submit your claim through the premium tab.
• You will be redirected to HDFC Ergo to complete your claim registration.

How many times can you file a claim?

You can file as many claims as you need within a year, as long as the total amount of all claims does not exceed ₹10,000. While this coverage may not fully protect you against large-scale scams, it does ensure that you are protected against minor losses.

Conclusion

In the light of the ₹1.25 lakh crore lost to digital fraud in India over the last three years, Truecaller, in partnership with HDFC Ergohas introduced a fraud insurance policy under its product “Cyber ​​Sachet”. This policy offers up to ₹10,000 in reimbursement for financial losses due to call or SMS fraud.

Available for Android and iOS users across India, it provides additional security for people aged 18 and above. Existing premium subscribers can activate it through the app, while new users need to purchase an eligible subscription. This coverage, which renews automatically with your subscription, ensures protection against fraud on a smaller scale.

Rohit Gyanchandani is Managing Director of Nandi Nivesh Private Limited