Scammers used AI to impersonate executives and stole 95 million euros from Intesa bank

According to Reuters, citing two sources familiar with the matter, scammers used AI to impersonate executives and stole 95 million euros (about 108 million U.S. dollars) from Fideuram, the private banking arm of Italy's largest bank, Intesa Sanpaolo. More than half of the funds were later recovered, while about 36 million euros remain unaccounted for. The scam began in February, when Paolo Molesini, then chairman of Fideuram, received a WhatsApp message that appeared to come from Intesa Sanpaolo CEO Carlo Messina, saying an overseas transaction needed urgent handling; the scammers then followed up with a phone call using AI technology to replicate the voice of a senior partner at a well-known law firm for confirmation. Molesini believed it was genuine and instructed the finance department to arrange a series of transfers to overseas accounts mainly located in China and Hong Kong. Neither Molesini nor other Fideuram executives have been placed under investigation. Milan prosecutors have opened an investigation into a foreign national residing outside Europe on suspicion of computer fraud.