nuSep 25, 2026, 21:25

AI scammers impersonate CEO and steal millions from Italian bank

Fraudsters used AI-generated voices to impersonate executives and deceive Fideuram into transferring 95 million euros to foreign accounts. Authorities managed to recover 53 million euros, while investigations into the suspects and the remaining missing funds continue.

In February, fraudsters successfully impersonated top executives to steal 95 million euros from Fideuram, the private banking division of the Italian bank Intesa Sanpaolo. Using AI-generated voice technology, the scammers posed as a high-ranking CEO and a partner from a prestigious law firm to pressure former chairman Paolo Molesini into authorizing urgent international transfers. The funds were sent to various accounts in China and Hong Kong before being converted into cryptocurrency. Following the discovery of the fraudulent activity, authorities in Italy, China, and Portugal intervened to recover approximately 53 million euros. Despite this recovery, at least 36 million euros remains missing. Prosecutors in Milan are currently investigating an unidentified foreign suspect, although no arrests have been made. While Molesini resigned from his position shortly after the incident, he is not considered a subject of the criminal investigation. This case highlights a growing trend of AI-enabled financial crime, following a similar incident last year involving a prominent Italian businessman.

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Based on reporting by nu. Translated and condensed by LocalHeadlines.

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