Wisely ATP is a global, first-of-its-kind proprietary anti-phishing platform to protect citizens, trusted brands and digital economy.

The company informed that increasing mobile penetration has led to SMS phishing scams becoming one of the most prominent form of cybercrime in India. Over 120 million scams were reported in India annually leading to losses of about $16 billion (around Rs 130,000 crore).

"TRAI, the Indian Telecom Regulator, has approved to set up the regulatory sandbox for this platform. Guided by TRAI, the deployment of the sandbox has been completed and the validation of impact is in process. In parallel, the platform has received strong resonance with the entire ecosystem," Tanla said in a statement.

"We are in advanced discussions with 3 major banks in India to launch a Proof of Concept (PoC)," it added.

Tanla Platforms, one of the world's largest CPaaS players, processes more than 800 billion interactions annually and about 63% of India's A2P SMS traffic is processed through its distributed ledger platform.

Tanla Platforms' consolidated net profit dropped 26.3% to Rs 116.51 crore on 1.7% decline in revenue from operations to Rs 869.63 crore in Q3 FY23 over Q3 FY22.