As companies digitize their operations, they are increasingly relying on digital content to make business decisions. In the insurance industry, for example, customers routinely submit their own digital photos and videos during the claim and underwriting processes. Insurers use this content with digital solutions that cut costs, save time, and make their own processes more efficient.
Beware of Fraudulent Digital Photos and Video
While using digital content is clearly the future of doing business across industries, the problem is that it opens companies up to fraud. Fraudsters are using AI-based tools available on the Internet to “doctor” digital photos and videos and then pass them off as legitimate content. So how do companies protect themselves from this type of fraud?
In episode 15 of our Market Pulse podcast, Is it Possible to Authenticate Digital Content?, we discuss how companies can verify the authenticity of digital content. I interviewed Mounir Ibrahim, VP of Public Affairs and Impact at Truepic, about how his company is restoring trust in digital images.
“If you look across the spectrum, all of these very, very different use cases and organizations and verticals have the same issue. They rely on digital content to make their decisions or to distill some level of trust to their end users,” said Ibrahim. “We provide transparency in that digital content so the most accurate decisions can be made.”
Truepic Vision Provides Transparency and Authenticity
Listen to the full podcast interview now.
Equifax has partnered with Truepic to offer customers Truepic Vision, its flagship digital inspection platform. It empowers Equifax insurance customers to accelerate the property inspection process in originations, mitigate application fraud, and facilitate claims process for the policy holder – without the risk of fraud.
“This is going to be the future of all industries as you digitize that ability to trust the digital content in which you're making decisions off of,” Ibrahim explained. “And in this case, insurance decisions, crediting decisions, underwriting decisions are going to be critical, allowing significant efficiency, lowering costs, increasing and accelerating timelines, and mitigating fraud in the process.”
The Science Behind the Technology
Truepic Vision is a software that customers download on their phone. Once the customer opts in and opens their camera, it operates like any other camera. Customers can take a picture and add notes for the insurer.
But behind the scenes, Truepic Vision is hard at work. It’s running more than 20 different computer vision, cryptography, and fraud detection tests.
“We’re testing both the device that is capturing the image to ensure there is no malware, there's no manipulation to the operating system of that device. With manipulations to the operating system of a smartphone, you can easily change the information of an image, date, time, location, orientation, things of that nature,” he said.
Results Only Take Seconds
In a matter of five to seven seconds, Truepic also tests the image and sends the results back to the reviewing party.
“We do that through advanced machine learning and computer vision techniques to ensure this is an actual three-dimensional object and the user is not rebroadcasting,” he explained. “And we will do other features all seamlessly like reverse image search and ensure the time, dates and locations all match up.”
Truepic Vision Helps Companies Reach Industry Targets
Truepic says its technology may also help companies reach economic, social and governance targets for their industry. As one customer pointed out, the fraud detection and cost savings are extensive. But because the technology allows inspectors to assess claims from their desk, insurers can avoid potentially hundreds of thousands of miles in distance and drive time. That is a significant reduction in carbon emissions.
For more information on how Equifax insurance customers can leverage Truepic Vision for content verification, visit our website.
And listen to episode 15 of the Market Pulse podcast. If you like what you hear, subscribe so you receive new episodes.