ATTESTIV CEO ON USING DLT TO FIGHT FAKE NEWS, INSURANCE FRAUD, AND DEEP-FAKES

In an era where digital realities are increasingly malleable, the line between truth and fabrication is blurring at an alarming rate.Deepfakes, AI-generated content so realistic they are nearly indistinguishable from genuine media, pose a significant threat across various industries, particularly insurance, finance, and media.This is where companies like Attestiv step in, armed with blockchain technology and a mission to restore trust in the digital realm. Blockchain firms Algorand and Attestiv are teaming up to fight insurance fraud using DLT. Distributed ledger technology (DLT) firm Algorand has partnered with blockchain-based tamper-proof mediaRecently securing over $2 million in seed funding, Attestiv is tackling the challenges of fake news, insurance fraud, and deepfakes head-on. Cointelegraph spoke to the CEO of Attestiv on his company s recent $2M raise, deep-fakes, and the role of blockchain in combating fake news. - crypto AlphaMavenCEO Nico Vekiarides is a leading voice in this battle, advocating for the adoption of distributed ledger technology (DLT) to verify the authenticity of digital assets.In a recent interview, Vekiarides shared his insights on the profound impact of blockchain in combating these emerging threats, highlighting the company’s innovative approach and strategic partnership with Algorand.This article delves into Vekiarides' vision, exploring how Attestiv is leveraging DLT and AI to secure digital media and safeguard businesses and individuals from the growing dangers of digital manipulation. Those anti-fraud capabilities translate into a huge ROI for insurers, considering fraud already costs insurers billions every year and the threat of deepfakes is increasing as gen AI becomes moreIt also looks at the alarming rise of AI-driven fraud, its cost implications, and what businesses can do to protect themselves.

The Rising Tide of Digital Deception: Deepfakes and Their Impact

Deepfakes, a portmanteau of ""deep learning"" and ""fake,"" are a rapidly evolving form of artificial intelligence-generated content. That way, it could help organizations with fraud prevention and detection. Shortly after raising $2 million seed, Attestiv teamed up with another blockchain firm, Algorand, to fight insurance fraud. Attestiv is currently enjoying several recognitions. And that includes the 2025 Insurtech 100 for its tech innovation within the insurance market.They leverage sophisticated algorithms to create highly realistic, yet entirely fabricated, images, videos, and audio recordings.The consequences of this technology are far-reaching, with the potential to disrupt elections, damage reputations, and facilitate sophisticated financial crimes.

One of the most concerning aspects of deepfakes is their increasing sophistication. 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.As AI technology advances, it becomes harder and harder to detect manipulated media.A viral deepfake video of Tom Cruise on TikTok demonstrated just how convincing these fabrications can be, raising serious questions about our ability to discern fact from fiction online. We ve taken years of fake and fraud detection experience, proven in demanding insurance applications, and made it available for everyone to protect themselves and their businesses from this cyber threat that can cause immense reputational and monetary harm, said Attestiv founder and CEO Nicos Vekiarides.The insurance industry, in particular, faces a significant threat.

Insurance Fraud in the Age of AI: A Growing Concern

The insurance industry is particularly vulnerable to deepfake technology. Deepfakes, a combination of deep learning and fake, use artificial intelligence to produce ultra-realistic fake videos or images that are practically indistinguishable from genuine content. One recent high-profile example was a deepfaked video of Tom Cruise that went viral on TikTok, highlighting how convincing deepfakes can be.As Nico Vekiarides points out, the shift towards digital self-service platforms for claims submission makes it easier for fraudsters to submit manipulated images and videos as evidence. CIOs can create a secure digital foundation that is resilient to deepfake media and avoid becoming the next victims of deepfake fraud.Imagine making underwriting or adjusting decisions based on doctored or fraudulent imagery.

A recent Attestiv survey revealed that over 80% of insurance professionals are concerned about altered or tampered digital media used for insurance transactions.This widespread concern highlights the industry's awareness of the growing threat and the potential for significant financial losses. Skip to main content Bitcoin Insider. MenuDeepfake images, video and voice tech can really disrupt insurance claims, as criminals realise the evidence use to settle can be manipulated.

Here's why deepfakes are such a potent threat to the insurance industry:

• Fabricated accident scenes: Deepfakes can create realistic depictions of accidents that never occurred, leading to fraudulent claims.
• Altered damage assessments: Manipulated images of damaged property can exaggerate the extent of the damage, resulting in inflated payouts.
• Fake identities: Deepfake videos can be used to impersonate policyholders during claims processes, enabling identity theft and fraudulent claims.
• Staged injuries: Deepfake technology can create videos of fabricated injuries, leading to fraudulent personal injury claims.

The financial implications of insurance fraud are staggering.Fraud already costs insurers billions every year, and the rise of deepfakes is only exacerbating the problem.Attestiv’s ROI Calculator helps insurance professionals quantify the real cost of AI-generated fraud and calculate potential savings with their fraud detection platform.

A Real-World Example of Deepfake Fraud

The potential impact of deepfakes extends beyond the insurance industry.Consider the case of a finance worker at a multinational firm who was tricked into paying out $25 million to fraudsters using deepfake technology to pose as the company's chief financial officer in a video conference. Attestiv CEO on Using DLT to Fight Fake News, Insurance Fraud, and Deep-FakesThis incident underscores the sophistication of deepfake scams and the potential for massive financial losses.

Attestiv's Solution: Blockchain and AI Working in Tandem

Attestiv is tackling the challenge of digital fraud with a two-pronged approach, combining the power of blockchain technology and artificial intelligence.CEO Nico Vekiarides emphasizes the importance of establishing trust in digital media by leveraging these cutting-edge technologies.

Blockchain for Immutability and Verification

Blockchain technology provides a secure and immutable record of digital assets. Nicos is CEO and co-founder of Attestiv where he manages all day to day company functions. Nicos has spent 20 years in the IT technology fields, as a business manager, entrepreneur, founder and adviser in startup companies. Prior to Attestiv, Nicos was co-founder and CEO of TwinStrata, a cloud storage company that pioneered delivering cloudWhen an image or video is registered on the blockchain, a unique digital fingerprint, or hash, is created.This hash serves as a permanent record of the media's original state.Any subsequent alteration to the media will change the hash, making it easy to detect tampering. Attestiv uses AI to detect photo or video anomalies and/or fraud attempts by using a forensic scan resulting in an aggregate tamper score. We also provide an added deep scan of images, with different sensitivity levels, to locate and isolate signs of manipulation or transplantation which are displayed via a heat map overlay.The partnership with Algorand, a DLT firm, strengthens Attestiv’s capabilities further.

Attestiv uses blockchain to certify aspects of digital media, ensuring its authenticity and integrity. ing it harder to detect digital media fraud. In a recent survey of insurance professionals by Attestiv, over 80% of respondents indicated concern for altered or tampered . digital media used for insurance transactions, such as claims. This is a clear acknowledgment of the threat and the fraudulent losses that can result.This provides a reliable foundation for verifying the provenance of images and videos, making it more difficult for fraudsters to submit manipulated media.

AI-Powered Deepfake Detection

In addition to blockchain verification, Attestiv employs artificial intelligence to detect subtle anomalies and signs of manipulation in digital media. On March 18, Attestiv, a firm combating digital fraud and deep-fakes using blockchain technology, announced that it had secured funds exceeding $2 On March 18, Attestiv, a firm combating digital fraud and deep-fakes using blockchain technology, announced that it had secured funds exceeding $2 million in a seed offering.Attestiv utilizes AI to detect photo or video anomalies and/or fraud attempts by using a forensic scan resulting in an aggregate tamper score. According to a report by Signicat, published on, deepfake fraud incidents surged by 2,137% over the past three years. Called The Battle Against AI-Driven Identity Fraud, the report also revealed that deepfakes have become one of the top three methods of identity fraud in the financial and payments sector.Attestiv has added new Context Analysis features to Attestiv Video deepfake detection, using generative AI to identify digitally altered video content and uncover potential malicious intent.

Attestiv offers a deep scan of images, with different sensitivity levels, to locate and isolate signs of manipulation or transplantation, which are displayed via a heat map overlay. Deep fake images, video and voice tech can really disrupt insurance claims, as criminals realise the evidence use to settle can be manipulated. Here s some info from Attestiv on the topic; Emerging technologies like artificial intelligence can significantly improve business efficiency.This allows users to quickly identify areas of concern and assess the likelihood of tampering. On March 18, Attestiv, a firm combating digital fraud and deep-fakes using blockchain technology, announced that it had secured funds exceeding $2 million in a seed offering. Cointelegraph recently spoke to Attestiv s CEO, Nico Vekiarides, to analyze his thoughts on blockchain s role in combating fake news and digital fraud in the insuranceThese anti-fraud capabilities translate into a huge ROI for insurers, considering fraud already costs insurers billions every year and the threat of deepfakes is increasing as gen AI becomes more pervasive.

Nico Vekiarides: A Visionary Leader in the Fight Against Digital Fraud

Nico Vekiarides, CEO and co-founder of Attestiv, brings over 20 years of experience in the IT technology fields to the forefront of the fight against digital fraud. p Cointelegraph interviewed Attestiv CEO Nico Vekiarides about the role of blockchain in fighting fake news and insurance fraud /p Attestiv CEO on Using DLT to Fight Fake News, Insurance FraudAs a business manager, entrepreneur, founder, and advisor in startup companies, Vekiarides has a proven track record of innovation and leadership.

Prior to Attestiv, Vekiarides was co-founder and CEO of TwinStrata, a cloud storage company that pioneered delivering cloud solutions. The Attestiv ROI Calculator helps insurance professionals quantify the real cost of AI-generated fraud and how much you can save with Attestiv s fraud detection platform. Read MoreEarlier 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. A finance worker at a multinational firm was tricked into paying out $25 million to fraudsters using deepfake technology to pose as the company s chief financial officer in a video conferenceHe obtained Bachelor (Economics) and Doctor of Law degrees from Boston College and is a graduate of Harvard Business School.This diverse background gives him a unique perspective on the challenges facing the insurance industry and the potential of technology to address those challenges.

Vekiarides' vision for Attestiv is to create a secure digital foundation that is resilient to deepfake media and avoid becoming the next victims of deepfake fraud. We have now seen them. Photos and videos that look so real that it seems impossible that they could be fake but they are. Imagine making underwriting or adjusting decisions based on doctored or fraudulent imagery. In this episode, Nick Lamparelli interviews Nicos Vekiarides, CEO of Attestiv. Attestiv is using blockchain technology to certify aspects of [ ]He believes that by combining blockchain and AI, Attestiv can help organizations protect themselves from the immense reputational and monetary harm caused by digital manipulation.

How Attestiv Works: A Step-by-Step Guide

Attestiv's platform provides a comprehensive solution for verifying the authenticity of digital media. Attestiv has added new Context Analysis features to Attestiv Video deepfake detection, using generative AI to identify digitally altered video content and uncover potential maliciousHere's a breakdown of how it works:

1. Media Registration: Images, videos, and other digital assets are registered on the blockchain, creating a unique digital fingerprint.
2. AI-Powered Analysis: Attestiv's AI algorithms analyze the media for anomalies and signs of manipulation.
3. Tamper Score: A tamper score is generated, providing an overall assessment of the media's authenticity.
4. Deep Scan (Optional): A deep scan can be performed to identify specific areas of manipulation, displayed via a heat map overlay.
5. Verification Report: A comprehensive verification report is generated, summarizing the findings and providing evidence of authenticity or tampering.

This process allows organizations to quickly and easily verify the authenticity of digital media, reducing the risk of fraud and protecting their reputation.

Partnering with Algorand: Strengthening the Fight Against Insurance Fraud

Attestiv's partnership with Algorand, a leading DLT firm, further strengthens its capabilities in the fight against insurance fraud. This arises from the fact that the use of the said deep fake techniques has come at a time where the insurance industry is undergoing a fundamental shift in the claims process, in that insurance companies are increasingly using digital self-service user platforms for the submission and processing of insurance claims.Algorand's blockchain technology provides a secure and scalable platform for verifying digital assets, complementing Attestiv's AI-powered detection capabilities.

This collaboration enables Attestiv to offer a more robust and reliable solution for insurance companies, helping them to reduce fraud losses and improve their bottom line.Shortly after raising $2 million seed, Attestiv teamed up with another blockchain firm, Algorand, to fight insurance fraud. Cointelegraph recently spoke to Attestiv s CEO, Nico Vekiarides, to analyze his thoughts on blockchain s role in combating fake news and digital fraud in the insurance industry.The collaboration leverages the strengths of both companies to deliver a comprehensive fraud prevention solution.

Actionable Advice for Protecting Against Deepfake Fraud

While Attestiv and other companies are developing solutions to combat deepfake fraud, there are steps that individuals and organizations can take to protect themselves.Here's some actionable advice:

• Be skeptical of online content: Don't automatically believe everything you see or hear online.Question the source and look for signs of manipulation.
• Verify information with multiple sources: Don't rely on a single source of information.Check with multiple reputable sources to confirm the accuracy of the information.
• Train employees to recognize deepfakes: Educate employees about the signs of deepfake fraud and provide them with the tools and resources they need to identify manipulated media.
• Implement strong authentication measures: Use multi-factor authentication to protect accounts and prevent unauthorized access.
• Invest in fraud detection technology: Implement fraud detection technology, such as Attestiv's platform, to identify and prevent deepfake fraud.
• Review and update security protocols: Regularly review and update security protocols to stay ahead of emerging threats.

CIOs can create a secure digital foundation that is resilient to deepfake media and avoid becoming the next victims of deepfake fraud.A proactive approach is crucial in mitigating the risks associated with deepfake technology.

The Future of Digital Trust: Attestiv's Vision

Attestiv is committed to building a future where digital media can be trusted.By combining blockchain technology and artificial intelligence, the company is pioneering new ways to verify the authenticity of digital assets and combat the growing threat of deepfake fraud.Attestiv is currently enjoying several recognitions.And that includes the 2025 Insurtech 100 for its tech innovation within the insurance market.

As deepfake technology continues to evolve, Attestiv remains dedicated to staying ahead of the curve and developing innovative solutions to protect businesses and individuals from the harms of digital manipulation.The $2 million seed funding will undoubtedly fuel further innovation and expansion of the Attestiv platform.

Key Takeaways: Fighting Back Against Digital Deception

The rise of deepfakes presents a serious threat to individuals, businesses, and society as a whole.Here are the key takeaways from this discussion with Attestiv CEO Nico Vekiarides:

• Deepfakes are becoming increasingly sophisticated and difficult to detect.
• The insurance industry is particularly vulnerable to deepfake fraud.
• Attestiv is using blockchain technology and artificial intelligence to verify the authenticity of digital media.
• Attestiv's partnership with Algorand strengthens its fraud prevention capabilities.
• Individuals and organizations can take steps to protect themselves from deepfake fraud.
• A proactive and multi-layered approach is essential in mitigating the risks of AI-driven fraud.

The fight against digital deception is an ongoing battle.By embracing innovative technologies and adopting proactive security measures, we can work towards a future where digital trust is restored and the threat of deepfake fraud is minimized.To learn more about Attestiv's solutions and how they can help your organization combat digital fraud, visit their website today.