A sophisticated scam involving artificial intelligence has resulted in the theft of $108 million from Fideuram, the private banking arm of Italy's largest bank, Intesa Sanpaolo. According to sources, the scammers used AI to impersonate high-ranking executives, including the CEO of Intesa Sanpaolo, Carlo Messina. The scam began with a WhatsApp message sent to Fideuram's then-chairman, Paolo Molisani, in February.
The message appeared to be from Messina, requesting urgent assistance with an external deal. The scammers followed up with a phone call from a supposed partner at a prominent law firm, using AI to mimic the partner's voice. Molisani, believing the request to be genuine, instructed his financial management team to arrange a series of transfers to foreign accounts, primarily in China and Hong Kong.
Fideuram quickly detected irregularities in the transfers and alerted banks and authorities in several countries. Through cooperation between authorities in China, Portugal, and Italy, nearly $53 million was recovered later. However, the remaining funds could not be tracked after passing through a network of external accounts and being converted into cryptocurrencies.
The sources indicate that neither Molisani nor other Fideuram executives are under investigation. However, prosecutors in Milan have placed a foreign national living outside Europe under investigation for suspected computer fraud. Molisani resigned as chairman in March for personal reasons, with no further explanation provided by Fideuram at the time.
This incident is not the first of its kind. Last year, scammers using AI to impersonate an Italian minister convinced businessman Massimo Moratti to transfer nearly $1 million to a foreign account. The funds were recovered later. The increasing use of AI in scams has raised concerns about the potential for more sophisticated and difficult-to-detect crimes.
The stolen funds, equivalent to 95 million euros, were initially reported to have been lost. However, with the recovery of nearly 53 million euros, the remaining loss is approximately 36 million euros. The incident highlights the need for increased vigilance and robust security measures to prevent such scams.
The use of AI in scams is becoming increasingly common, and law enforcement agencies are working to stay ahead of these emerging threats. The incident serves as a reminder for companies to be cautious when receiving unusual requests, even if they appear to come from high-ranking executives or trusted partners.
Key points
- Scammers used AI to impersonate executives and steal $108 million from Fideuram.
- Nearly $53 million was recovered through cooperation between authorities in several countries.
- The incident highlights the growing threat of AI-powered scams and the need for robust security measures.
