An AI-powered impersonation scheme has resulted in the theft of €95 million from Fideuram, the private banking arm of Italy’s largest lender, Intesa Sanpaolo, according to 2 sources familiar with the matter.
More than half of the stolen funds were later recovered, but around €36 million remains missing, the sources said. The scheme, first reported by an Italian newspaper, began in February when then-Fideuram Chairman Paolo Molesini received what appeared to be a WhatsApp message from Intesa Sanpaolo CEO Carlo Messina requesting urgent assistance with an overseas transaction.
The fraudsters later made a phone call that appeared to come from a senior partner at a prominent law firm. The call was used to confirm the transaction request, with the callers using AI technology to replicate the lawyer’s voice, according to the sources.
Believing the instructions were genuine, Molesini asked Fideuram’s finance department to make a series of transfers to overseas accounts, mainly in China and Hong Kong.
Intesa Sanpaolo and Fideuram declined to comment.
Fideuram quickly identified irregularities in the transfers and alerted banks and authorities in several countries. Around €53 million was subsequently recovered through cooperation between authorities in China, Portugal and Italy, according to the sources.
The remaining funds have not been traced after moving through a network of overseas accounts and being converted into cryptocurrencies, the sources said.
Neither Molesini nor other Fideuram executives are under investigation, according to the sources. However, Milan prosecutors have placed a foreign national living outside Europe under investigation on suspicion of computer fraud, one source said.
Molesini resigned as chairman in March, citing personal reasons. Fideuram did not provide further details about his departure at the time.
Last year, fraudsters using AI to imitate the voice of an Italian minister persuaded businessman Massimo Moratti to transfer nearly €1 million to an overseas account. The money was later recovered.
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