Fraudsters using artificial intelligence to impersonate senior executives stole €95 million (about RM441 million) from Fideuram, the private banking arm of Italy’s largest lender Intesa Sanpaolo, in a sophisticated scam, according to two sources familiar with the matter.
More than half of the money was subsequently recovered, but around €36 million (about RM167 million) remains missing, the sources said.
The scheme, first reported by Italian newspaper Corriere della Sera, began in February when then-Fideuram chairman Paolo Molesini received what appeared to be a WhatsApp message from Intesa Sanpaolo chief executive Carlo Messina requesting urgent assistance with an overseas transaction.
The fraudsters then followed up with a phone call that appeared to come from a senior partner at a prominent law firm, allegedly confirming the instruction. According to the sources, AI technology was used to replicate the lawyer’s voice.
Believing the request was genuine, Molesini instructed Fideuram’s finance department to arrange a series of transfers to overseas accounts, mainly in mainland China and Hong Kong.
Intesa Sanpaolo and Fideuram declined to comment on the case.
Fideuram later detected irregularities in the transactions and alerted banks and authorities in several countries. Cooperation between authorities in China, Portugal and Italy led to the recovery of roughly €53 million, or about RM246 million, according to the sources.
However, the remaining funds have not been traced after allegedly passing through a network of overseas accounts before being converted into cryptocurrencies.
Neither Molesini nor other Fideuram executives are under investigation, according to the sources. One source said Milan prosecutors have placed a foreign national living outside Europe under investigation on suspicion of computer fraud.
Molesini resigned as Fideuram chairman in March, citing personal reasons. At the time, the bank did not provide further details about his departure.
The case highlights the growing risks posed by AI-powered impersonation scams, in which criminals can combine convincing messages, fake identities and cloned voices to make fraudulent requests appear legitimate.
Last year, fraudsters using AI to mimic the voice of an Italian minister reportedly persuaded businessman Massimo Moratti to transfer nearly €1 million (about RM4.64 million) to an overseas account. The money was later recovered.
