Fighting Digital Media Fraud in Insurance

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Across any industry, it’s always advisable to keep a watchful eye to understand and track the risk of digital media fraud. For the insurance industry, which already plagued by billions in fraud annually, addressing fraud risk is critical.

Here are some of the ways that fraudulent, inaccurate, or missing media can enter insurance transactions:
  • Old photos – where time or date may be changed
  • Photos of property damage can be taken at the wrong location
  • Stock photos downloaded from the internet used for underwriting or claims
  • Photos of photos or screen captures
  • Altered photos/videos of damage used to exaggerate the amount of damage
  • Altered photos/videos of repair work, where in reality the repair work was not properly completed or completed at all
  • Pre-existing damage to an insured asset that was never recorded

While these are just a handful of possibilities highlighting potential fraud risks, each of these cases depicts the inherent vulnerability of accepting media directly from insured customers or outside parties.

While some of these methods do require technical skill, others can be done by primitive means such as taking photos from the wrong location. Ultimately, even opening a photo editor to make edits to digital photos is considered child’s play these days.

Taking Action Now

While the threat of media fraud does not portend good news, there is hope for those who take action. Insurance and IT leaders, who make provisions to stop fake media now, can create a secure digital foundation that will be resilient to this threat in the future. And by doing so, they can prevent their organizations from becoming victimized. 

To keep reading about digital media fraud and the impact within the insurance ecosystem, get our ebook on combatting digital photo and media fraud in insurance.

Attestiv

Attestiv

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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

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, that was published in the online Wall Street Journal. 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 Mutual Insurance Company as a claims representative, and later, was the CEO of the Bermuda captive insurance subsidiary of a NYSE company. Also, he was the president of WorldPath Health, an international healthcare company.