AI fraud hits Italian bank for $108 million

Scammers used artificial intelligence to steal approximately 95 million euros ($108 million) from Fideuram, the private banking arm of Italian bank Intesa Sanpaolo, according to two sources familiar with the matter. The fraud began in February when Fideuram chairman Paolo Molesini received a WhatsApp message appearing to be from Intesa Sanpaolo CEO Carlo Messina, followed by a phone call using AI-cloned voice technology to impersonate a lawyer. Molesini directed financial transfers to accounts mainly in China and Hong Kong before irregularities were detected. Authorities recovered about 53 million euros through cooperation between Italy, China, and Portugal, while 36 million euros remain missing after being routed through foreign accounts and converted to cryptocurrency. Milan prosecutors are investigating a foreign national, and Molesini resigned in March citing personal reasons.