AI voice‑imitation scam steals €95 million from Fideuram

Nearly €100 million were siphoned from Fideuram, a subsidiary of Italy’s largest bank Intesa Sanpaolo, in an elaborate scam that used artificial intelligence to impersonate senior executives, sources say. The attackers managed to move €95 million in transfers after convincing company officers to authorise urgent, confidential payments abroad.

How the scheme unfolded

The operation began in February when Paolo Molesini, then chairman of Fideuram, received a WhatsApp message that appeared to come from Carlo Messina, the chief executive of Intesa Sanpaolo, requesting urgent assistance with a confidential overseas transaction. Following that message, Molesini was contacted by someone who posed as a senior partner at a well-known law firm; the caller allegedly confirmed the transfer instructions using a voice that investigators now say was generated with artificial intelligence.

Convinced of the request’s authenticity, Molesini ordered the finance department to execute a series of transfers to accounts in China and Hong Kong. Fideuram detected irregularities quickly and alerted banks and authorities across several countries.

Thanks to international cooperation involving authorities in China, Portugal and Italy, roughly €53 million was recovered. Nevertheless, about €36 million remains unaccounted for after funds routed through multiple overseas accounts and were converted into cryptocurrencies.

Prosecutors in Milan have opened an inquiry into a foreign national residing outside Europe on suspicion of computer fraud. Molesini resigned as chairman in March citing personal reasons; he and other Fideuram directors are not under investigation, according to the people familiar with the case.

Last year authorities exposed a similar AI-enabled impersonation in which attackers mimicked the voice of an Italian minister to persuade businessman Massimo Moratti to transfer nearly €1 million abroad; those funds were later returned.

Photo: press material from the event