AI voice scam siphons €95 million from Intesa Sanpaolo's private bank

Fraudsters using AI to impersonate senior executives stole €95 million ($108 million) from Fideuram, the private banking arm of Italy's biggest lender Intesa Sanpaolo, two sources familiar with the matter said on Friday. More than half the funds were later recovered, but some €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 phone call using AI to replicate a lawyer's voice. Believing the request genuine, Molesini instructed transfers to foreign accounts, mainly in China and Hong Kong. Fideuram detected irregularities and recovered roughly €53 million with authorities in China, Portugal and Italy. The remaining funds were converted into cryptocurrencies. Molesini resigned in March citing personal reasons, and Milan prosecutors have placed a foreign national under investigation for computer fraud.