Italy's biggest private bank wires $108M to scammers who clone a lawyer's voice with AI

A staggering $108 million was funneled to scammers by Italy's largest private bank, Fideuram, following an audacious scheme involving artificial intelligence technology. The fraud unfolded in February when the head of Fideuram, Paolo Molesini, received a WhatsApp message that seemed to be from Intesa Sanpaolo's CEO, Carlo Messina, requesting urgent assistance with an overseas transaction.

The criminals then followed up with a phone call that appeared to originate from a senior partner at a prestigious law firm, providing further confirmation of the request.

The scammers leveraged AI technology to convincingly replicate the voice of the lawyer, tricking Molesini into authorizing a series of transfers to foreign accounts, primarily in China and Hong Kong. Intesa Sanpaolo and Fideuram refused to comment on the matter. However, Fideuram swiftly identified irregularities in the transfers and alerted relevant banks and authorities across multiple countries.

Approximately €53 million was eventually recovered through international cooperation involving China, Portugal, and Italy. The remaining €36 million, however, remains untraceable after passing through a complex network of overseas accounts and being converted into cryptocurrencies. Neither Molesini nor any other Fideuram officials are currently under investigation, but Milan prosecutors have placed a foreign national residing outside Europe under investigation for suspected computer fraud.

Molesini resigned as chairman in March, citing personal reasons, with Fideuram offering no additional explanation for his departure.