There has been a sharp rise in the quantity of SMS fraud incidents that have been reported nationwide in recent days. Unsuspecting people are receiving bogus SMS messages from scammers asking them to update their PAN, Aadhaar, bank account, or other associated paperwork. These communications are intended to deceive recipients into falling for scammers’ ruses and potentially exposing their financial and personal data. In addition to the ongoing warnings and awareness-raising efforts by police and cyber units, Truecaller recently introduced a new feature that will employ AI-powered technologies to assist users in alerting others to potentially bogus phone numbers.
You are not alone when it comes to scams and fraud! Over the last three months, at least one fraudulent SMS has likely been sent to over 100 million Truecaller users, according to an estimate. According to Truecaller, these scams include those involving utility bill payments, banks, job offers, KYC-related loans, charities, and lotteries, among many other types.
Therefore, the new AI-driven fraud protection service from Truecaller, “Fraud Protection,” leverages user feedback and machine learning to battle fraudulent messages and senders in order to assist users with the web of SMS fraud and other scams through mobile. The fraud prevention tool is especially useful for consumers who have trouble recognizing fraud and wrongly think they are dealing with trustworthy companies.
Notably, the Truecaller fraud protection service is already accessible to all Android users and is forthcoming for iPhone users as well. According to reports, the gadget is capable of intelligently identifying communications and senders that are false. The business adds that even without user reports, their fraud protection system learns to automatically find new types of fraud.
How Truecaller protects against fraud
All Android users in India can presently use the Fraud Protection tool from Truecaller for free. In terms of how the new AI technology functions, the business disclosed that Truecaller will display a conspicuously highlighted red signal, cautioning the user not to take any action, for each and every fake message that a user receives.
Until manually dismissed, the message will remain visible on the screen. The fact that Truecaller doesn’t upload any messages should be noted. Using AI filters, all processing is done locally on the device.
The Truecaller AI technology will instantly block all links associated with that SMS so that users are secure from the harmful links even if they ignore the warning and open the fraudulent SMS. To access all the links included in the SMS, users must manually mark the sender as safe if the SMS is safe. The business is providing additional fraud protection in this way.