When seeing isn’t believing

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When seeing isn’t believing

Innovative technology solutions are enabling insurers to fight back against claim scam, including deepfake images

Doctored photos and documents from customers making insurance claims are one of the growing fraud threats for the insurance sector.

Yet research suggests that only 20 per cent of insurers are taking action against deepfakes, or synthetic media, in response to the manipulation or modification of photos, videos and other data. In its 2022 report Deepfakes: A Threat to Insurance?, American tech company Attestiv notes that altered photos that falsely inflate claims are the main concern for insurers.

Attestiv CEO Nicos Vekiarides says deepfakes use artificial intelligence (AI) to create synthetically generated photos and videos that do not have the forensic traces found in typical edited media. ‘They look like photos that have come right out of your phone,’ he says, ‘so it’s very difficult to spot the anomalies.’

The insurtech uses AI and blockchain technology to provide a tamper-proof media validation and automation platform. With fraudsters getting more sophisticated, Vekiarides says there is no room for complacency, as the insurance sector increasingly turns to automation and relies on customer-supplied photos or videos during the claims process.



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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.