Major Italian Bank Loses €95 Million in AI-Enabled Fraud

Summary

Scammers used AI-generated identities and a deepfake voice to steal €95 million from the private banking division of Intesa Sanpaolo, one of Italy’s major banks. More than half of the money has been recovered, but about €36 million remains missing. The criminals first contacted the director of Fideuram on WhatsApp while posing as the head of Intesa Sanpaolo and requested help with an overseas transfer. A subsequent phone call used a deepfake voice impersonating a senior figure at a prominent law firm to confirm the transaction. The director then initiated transfers to destinations including China and Hong Kong. Authorities in Italy, China and Portugal helped recover part of the funds, but a substantial amount remains unaccounted for.