Italy’s largest bank defrauded using AI: €95 million transferred after cloning a lawyer’s voice

Fideuram, the private banking division of Intesa Sanpaolo, Italy’s largest bank, was tricked into transferring 95 million euros to accounts abroad after fraudsters used artificial intelligence to impersonate officials from the group and a law firm.

The fraud began in February, when Paolo Molesini, who was then head of Fideuram, received a WhatsApp message purportedly from Carlo Messina, Intesa Sanpaolo’s chief executive. The message requested urgent assistance in completing an international transaction. Subsequently, a phone call apparently from a senior lawyer validated the request. His voice was allegedly reproduced using artificial intelligence.

Convinced that the request was genuine, Molesini ordered several transfers, mainly to accounts in China and Hong Kong. After identifying the irregularities, Fideuram alerted banks and authorities in several countries. Approximately 53 million euros were recovered, but the rest of the money disappeared into foreign financial channels and cryptocurrencies.

In March, Molesini stepped down as head of Fideuram for personal reasons.