AI Voice Cloning Used in €95 Million Bank Fraud in Italy
An international cybercrime group has allegedly stolen €95 million (approximately $100.8 million) from Fideuram, the private banking division of Italy’s largest financial institution, Intesa Sanpaolo, by using artificial intelligence (AI) to impersonate senior banking executives and clone their voices.
After the fraud was detected, approximately €53 million was recovered with the assistance of international investigative agencies, while the remaining €36 million is still missing.
The incident has emerged as one of the largest technology-driven banking fraud cases involving the use of AI in recent times.
Fraudulent Tactics and Fake Instructions
According to reports, the fraud scheme began in February and primarily targeted Paolo Molesini, then chairman of Fideuram. He received a fraudulent message impersonating the CEO of Intesa Sanpaolo, instructing him to assist with an urgent international transaction.
Shortly afterwards, the chairman received a phone call from someone posing as a senior partner at a prominent law firm. Using AI-powered voice-cloning technology, the fraudsters convincingly replicated the lawyer’s voice to carry out the deception.
Believing the instructions to be genuine, Chairman Molesini directed the bank’s finance department to transfer large sums of money in stages to several overseas accounts in China and Hong Kong.
Recovery Efforts and Cybersecurity Risks
After detecting unusual transactions, the bank alerted international agencies. A joint effort involving Italy, China and Portugal led to the recovery of part of the stolen funds. However, tracking the remaining missing money has become difficult, as it was transferred through various shell accounts, converted into cryptocurrency and laundered.
Although no bank employees have been accused in connection with the incident, prosecutors in Milan, Italy, have launched an investigation into a non-European national.
The case has reignited global debate over the need to strengthen institutional security measures to prevent the misuse of AI technology in the corporate and banking sectors.
//DBTech/BMT/OR//
