Fighting Deepfake Threats: How Insurers Can Stay Ahead of the Game

The Growing Threat of Deepfakes

Deepfakes, sophisticated forgeries of images, videos, or audio recordings, have been around for several years and are increasingly being used by cybercriminals to impersonate celebrities and executives. This poses a significant risk for fraudulent claims and other forms of manipulation. According to a study by Attestiv, over 80% of U.S.-based business professionals recognize deepfakes as a threat to their organization, with reputational, IT, and fraud threats being the top concerns.

The Impact on the Insurance Industry

Deepfakes could facilitate fraudulent claims, counterfeit inspection reports, and the creation of non-existent assets. For an industry that already suffers from $80 billion in fraudulent claims annually, the threat is substantial. Insurers are exploring automated deepfake protection as a potential solution, but questions remain about its integration into existing claim procedures.

Future Solutions and Recommendations

AI and rules-based models to identify deepfakes in digital media, along with digital authentication at the point of capture, are potential solutions. Blockchain technology could also help. As Michael Lewis, CEO at Claim Technology, suggests, "Running anti-virus on incoming attachments is non-negotiable. Shouldn’t the same apply to running counter-fraud checks on every image and document?"

To stay ahead of the deepfake threat, insurers should invest in advanced detection technologies and continuously update their fraud prevention strategies. Staying informed about the latest developments in deepfake technology and cybersecurity is crucial for maintaining the integrity of the insurance industry.