Fraudsters used artificial intelligence voice cloning to steal €95 million from Fideuram, the private banking division of Italy’s largest lender Intesa Sanpaolo, according to internal sources cited by Reuters. More than half of the stolen funds were later recovered through international cooperation, though roughly €36 million remains missing.
How the AI Voice Cloning Fraud Unfolded in Milan
The multimillion-euro scam began in February when Paolo Molesini, who was then the chairman of Fideuram, received a WhatsApp message from Carlo Messina, according to reports by Reuters. The message requested urgent assistance with a foreign transaction.
Shortly after the message arrived, Molesini received a telephone call from someone posing as a senior partner at a prominent law firm to confirm the transaction details. Reuters reported that the callers utilized artificial intelligence technology to replicate the lawyer’s voice.
Convinced the request was legitimate, Molesini instructed his financial department to execute a series of wire transfers to overseas accounts, primarily located in China and Hong Kong. Fideuram eventually detected irregularities within the transfer pattern and immediately alerted banking institutions and law enforcement agencies across multiple jurisdictions.
Authorities Recover Portion of Stolen Capital Through Cross-Border Operation
Authorities in China, Portugal, and Italy coordinated a cross-border recovery operation that successfully retrieved approximately €53 million of the stolen capital, Reuters reported. However, the remaining €36 million vanished after passing through a complex network of foreign accounts and getting converted into cryptocurrencies.
Milan prosecutors have launched a formal investigation against a foreign national residing outside Europe on computer fraud charges, according to information obtained by Reuters. Neither Molesini nor any other Fideuram executives are currently facing personal investigation.
Molesini stepped down from his position as chairman in March citing personal reasons, at a time when Fideuram provided no further public explanations regarding his departure. Representatives for both Intesa Sanpaolo and Fideuram declined to comment on the ongoing investigation.
Previous AI Voice Spoofing Incidents in Italy
This sophisticated financial crime follows a similar incident in Italy last year. Fraudsters previously used artificial intelligence to mimic the voice of an Italian minister, successfully persuading businessman Massimo Moratti to transfer nearly one million euros to an overseas account. That specific sum was eventually recovered.
Frequently Asked Questions About the Fideuram Cyber Fraud
Which financial institution was targeted in the €95 million AI scam?
The fraud targeted Fideuram, which operates as the private banking division of Intesa Sanpaolo, Italy’s largest lending institution.
How much of the stolen money remains unrecovered?
Out of the total €95 million stolen by the perpetrators, authorities recovered roughly €53 million, leaving approximately €36 million still missing after conversion into cryptocurrencies.
Who initiated the unauthorized bank transfers?
Paolo Molesini, who served as Fideuram’s chairman at the time, ordered the transfers after receiving fraudulent communications via WhatsApp and telephone calls generated using AI voice-cloning technology.
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