Deepfakes and Claims Automation – Claims Magazine cover story

How Deepfakes Threaten Claims Automation

by Nicos Vekiarides

Cartoon pinocchio holding ipad showing a crashed car

If you read the September/October 2021 Claims Magazine article entitled Deepfakes: An Insurance Industry Threat, you are familiar with the threat that Deepfakes and synthetic media, in the form of photos and videos, pose for the insurance industry. From exaggerated claims to the creation of fake assets, AI-generated images and videos call for protective action by insurers to defend against this burgeoning form of fraud.

The relentless assault of fake media

The past several months have confirmed that Deepfakes are much more than a passing fad. From fake images and videos used as war propaganda in Ukraine, synthetic creation of movie actors, cryptocurrency scams, to document and identification fraud, the cases where Deepfakes establish false narratives and circumstances have steadily increased. Whereas once limited to a social media novelty, Deepfake fraud has emerged as a formidable threat across many industries. Its potential to impact the insurance industry, which already suffers from $80B in annual fraud in the US is immense.

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Attestiv provides authenticity and validation for digital photos, videos and documents using patented tamper-proofing blockchain technology and AI analysis. 

Deepfakes and Claims Automation

Deepfakes: An Insurance Industry Threat

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Nicos Vekiarides

Nicos Vekiarides

Nicos Vekiarides is the Chief Executive Officer & co-founder of Attestiv. He has spent the past 20+ years in enterprise IT and cloud, as a CEO & entrepreneur, bringing innovative new technologies to market. His previous startup, TwinStrata, an innovative cloud storage company where he pioneered cloud-integrated storage for the enterprise, was acquired by EMC in 2014. Before that, he brought to market the industry’s first storage virtualization appliance for StorageApps, a company later acquired by HP.

Nicos holds 6 technology patents in storage, networking and cloud technology and has published numerous articles on new technologies. Nicos is a partner at Mentors Fund, an early-stage venture fund, a mentor at Founder Institute Boston, where he coaches first-time entrepreneurs, and an advisor to several companies. Nicos holds degrees from MIT and Carnegie Mellon University.

Mark Morley

Mark Morley is the Chief Operating Officer of Attestiv.

He received his formative Data Integrity training at Deloitte. Served as the CFO of Iomega (NYSE), the international manufacturer of Zip storage devices, at the time,  the second fastest-growing public company in the U.S.. He served as the CFO of Encore Computer (NASDAQ) as it grew from Revenue of $2 million to over $200 million. During “Desert Storm”, Mark was required to hold the highest U.S. and NATO clearances.

Mark authored a seminal article on Data Integrity online (Wall Street Journal Online). Additionally, he served as EVP, General Counsel and CFO at Digital Guardian, a high-growth cybersecurity company.

Earlier in his career, he worked at an independent insurance agency, Amica as a claims representative, and was the CEO of the captive insurance subsidiary of a NYSE company.

He obtained Bachelor (Economics) and Doctor of Law degrees from Boston College and is a graduate of Harvard Business School.