Shock in AI-powered bank fraud: 95 million euros evaporated.

The fraud case that emerged in Italy has once again brought to light how criminals can use artificial‑intelligence technologies. The scammers targeted Fideuram, the private‑banking arm of Intesa Sanpaolo, one of the country's leading banking groups.

It was reported that the incident began in February. The then‑CEO of Fideuram, Paolo Molesini, received a WhatsApp message that appeared to be sent on behalf of Intesa Sanpaolo CEO Carlo Messina. The message stated that urgent money transfers were required due to a financial transaction abroad.

A second tactic was employed to win Molesini’s trust. The fraudsters conducted a phone call with the bank manager by mimicking the voice of a director at an international law firm using artificial intelligence. Thus, the voice call that followed the initial message reinforced the impression that the request was genuine.

Millions of Euros Were Transferred to Asia

Following the fraudulent instructions, the bank carried out a large number of money transfers. It was reported that the total amount reached approximately 95 million euros, with a substantial portion sent to accounts in China and Hong Kong.

After the fraud was detected, the bank and authorities sprang into action. As a result of work carried out with international financial institutions, about 59 million euros were recovered.

However, about 36 million euros remain lost because part of the money was converted into crypto assets. It was reported that Italian authorities are collaborating with officials in various countries to trace the money and recover the remaining amount.

The Era of 'Fake Identity' with Artificial Intelligence

The method that stood out in the incident was that the fraudsters did not rely solely on fake messages. Messages bearing the names of executives, supported by AI‑generated voices, created the impression that real communication was taking place on the other side.

Artificial‑intelligence‑driven fraud methods that experts have long highlighted have brought security risks in the financial sector back into focus with this incident. It is noted that banks are emphasizing additional security measures to verify voice and digital communication, especially in high‑value money transfers.