AI Voice Scam Costs Italian Bank Fideuram 95 Million Euros

Artificial intelligence voice-cloning technology enabled fraudsters to steal 95 miljonus eiro from Fideuram, the private banking unit of Italy’s largest lender Intesa Sanpaolo, according to internal sources cited by Reuters and Laiki.lv. The sophisticated financial scam, which began in February, utilized deepfake audio to impersonate a trusted senior attorney and authorize illicit overseas wire transfers.

Paolo Molesini Authorizes Transfers After Deepfake Calls

The scheme commenced in February when Paolo Molesini, who was then serving as the chairman of Fideuram, received a WhatsApp message from Intesa Sanpaolo Chief Executive Carlo Messina, according to reporting by Reuters. The message requested urgent assistance regarding a foreign transaction. Fraudsters subsequently placed a phone call that appeared to originate from a senior partner at a prominent law firm to confirm the details. Reporting by Laiki.lv notes that the Italian newspaper Corriere della Sera also detailed how the culprits used artificial intelligence technology to mimic the attorney’s voice.

Believing the request was genuine, Molesini instructed his finance department to organize a series of transfers to foreign accounts, primarily located in China and Hong Kong, as sources told Reuters. Fideuram quickly discovered discrepancies in the transfers and alerted banks and authorities across multiple jurisdictions. Through cooperation among authorities in China, Portugal, and Italy, approximately 53 miljoni eiro was later recovered. Reuters and Laiki.lv both report that the remaining funds have not been located after being moved through a network of foreign accounts and converted into cryptocurrencies.

Milan Prosecutors Open Computer Fraud Investigation

Neither Molesini nor any other Fideuram executives are currently facing personal investigation, according to sources cited by Reuters. However, Milan prosecutors have initiated an investigation against a foreign national living outside Europe on suspicion of computer fraud. Molesini stepped down from his role as chairman in March for personal reasons, at which time Fideuram offered no further explanations regarding his departure.

Intesa Sanpaolo and Fideuram declined to comment on the matter, according to Laiki.lv. The incident follows a similar episode last year in Italy, where fraudsters used artificial intelligence to impersonate an Italian government minister and persuaded businessman Massimo Moratti to transfer nearly one million euros to a foreign account. That money was later successfully recovered.