Rome: Fraudsters used AI-generated voice calls to impersonate senior executives and trick Fideuram into transferring millions to overseas accounts.
An artificial intelligence (AI)-powered scam has cost Fideuram, the private banking arm of Italy’s largest lender, Intesa Sanpaolo, €95 million (approximately Rs 1,034 crore). Authorities have recovered around €53 million, while the remaining €36 million is still untraced, according to sources cited by Reuters.
The fraud came to light after scammers allegedly impersonated senior executives to convince Fideuram’s then-chairman, Paolo Molesini, to authorise a series of international money transfers.
The scheme reportedly began in February when Molesini received a WhatsApp message that appeared to be from Intesa Sanpaolo CEO Carlo Messina, requesting urgent assistance with an overseas transaction.
The message was followed by a phone call from someone posing as a senior partner at a prominent law firm. According to sources familiar with the investigation, the fraudsters used AI technology to replicate the lawyer’s voice, making the request appear genuine.
Believing the instructions were authentic, Molesini directed the bank’s finance department to transfer funds to foreign accounts, primarily in China and Hong Kong.
Fideuram subsequently detected irregularities and alerted banks and authorities in several countries. Cooperation between authorities in China, Portugal and Italy helped recover approximately €53 million.
However, the remaining €36 million has not been traced. The funds are believed to have moved through a network of overseas accounts before being converted into cryptocurrencies.
Neither Molesini nor any other Fideuram executive is under investigation, the sources said. Milan prosecutors have reportedly placed a foreign national living outside Europe under investigation on suspicion of computer fraud.
Molesini resigned as chairman in March, citing personal reasons. Fideuram did not provide further details about his departure at the time.
The incident follows another AI-enabled fraud in Italy last year, when scammers allegedly used an AI-generated imitation of a government minister’s voice to persuade businessman Massimo Moratti to transfer nearly €1 million. The money was subsequently recovered.
