A scam involving the use of artificial intelligence to impersonate executives led to €95 million being stolen from Fideuram, the private banking arm of Italy’s largest bank, Intesa Sanpaolo, according to two sources familiar with the case.
More than half of the money was subsequently recovered, while around €36 million remains unaccounted for, the same sources said.
The scheme, first reported by Corriere della Sera, began in February. Paolo Molesini, then President of Fideuram, received a WhatsApp message that appeared to be from Intesa Sanpaolo Chief Executive Officer Carlo Messina, who requested urgent assistance with an overseas transaction.
This was followed by a phone call that appeared to come from a senior partner at a major law firm, who confirmed the instruction. According to the sources, the perpetrators used artificial intelligence technology to reproduce the lawyer’s voice.
Believing the request to be genuine, Molesini instructed Fideuram’s finance department to carry out a series of transfers to overseas accounts, mainly in China and Hong Kong, the sources said.
Fideuram quickly identified irregularities in the transfers and notified banks and authorities in several countries. Around €53 million was subsequently recovered through cooperation between authorities in China, Portugal and Italy, according to the sources.
The remaining money has not been traced because, according to the same sources, it passed through a network of overseas accounts and was converted into cryptocurrencies.
Intesa Sanpaolo and Fideuram declined to comment. Neither Molesini nor other Fideuram executives are under investigation, according to the sources.
However, prosecutors in Milan have placed a foreign national living outside Europe under investigation on suspicion of cyber fraud, one of the sources said.
Molesini resigned as President in March, citing personal reasons. At the time, Fideuram provided no further explanation for his departure.
Last year, scammers who used artificial intelligence to imitate the voice of an Italian minister persuaded businessman Massimo Moratti to transfer nearly €1 million to an overseas account. The money was later recovered.
Source: CNA
