AI impersonation scam hits Intesa Sanpaolo's Fideuram for €95 million

Fraudsters using AI to impersonate senior executives stole €95 million from Fideuram, the private banking arm of Italy's biggest lender Intesa Sanpaolo, two sources said Friday. More than half was recovered, but €36 million remains missing. The scheme began in February when then-Fideuram Chairman Paolo Molesini received a WhatsApp message appearing to be from Intesa Sanpaolo CEO Carlo Messina, followed by a call using AI to replicate a lawyer's voice. Molesini instructed transfers to accounts mainly in China and Hong Kong. Fideuram detected irregularities and recovered about €53 million with authorities in China, Portugal, and Italy. Remaining funds were converted into cryptocurrencies. Molesini resigned in March citing personal reasons, and no executives are under investigation.