Sweden-based Truecaller AB, known for its caller ID and spam-blocking app, is stepping up efforts to combat a new wave of fraud: AI-generated voice cloning.
Fraudsters are increasingly using generative AI tools to mimic voices convincingly, targeting individuals and companies alike.
Truecaller CEO Rishit Jhunjhunwala highlighted the alarming rise of such scams, where cloned voices of CEOs or customers are used to deceive employees and infiltrate systems.
“In emerging markets, everything revolves around phones these days, and that’s where bad actors are moving their attention,” he said in his first major interview as CEO.
To address this, Truecaller has integrated technology capable of scanning and detecting computer-generated voices. This initiative is bolstered by its 2022 acquisition of Israeli cloud telephony firm CallHero Ltd., which enhances Truecaller’s AI capabilities. Jhunjhunwala indicated plans for further AI-focused acquisitions, with 2025 set to be a pivotal year for AI adoption, including leveraging large language models to analyze call patterns.
India, Truecaller’s largest market, accounts for 70% of its revenues and has fueled the company’s rapid growth. With over 433 million monthly active users worldwide, analysts project the firm’s 2024 revenue to reach approximately 1.85 billion Swedish kronor (US$167 million). Truecaller’s stock has gained 21% this year, with Carnegie Investment Bank reiterating a buy recommendation, citing overlooked growth initiatives.
A key milestone for Truecaller is the rollout of its enhanced app on Apple’s iOS 18, which now detects all phone numbers, addressing a major gap compared to Android. This update coincide with Apple’s expansion in India, where Jhunjhunwala sees significant opportunities.
Despite its growth, Truecaller is facing compliance challenges, such as with evolving data protection laws like India’s Data Protection Act. However, the company has preemptively aligned its practices with strict EU standards, which Jhunjhunwala calls “the right thing to do.”
With AI-driven innovations and a focus on robust data protection, Truecaller aims to maintain its edge in safeguarding users against increasingly sophisticated fraud.