€95 Million AI Deepfake Bank Heist Hits Italy as Scammers Clone Top CEO Voices

Cybercriminals have targeted major Italian banks in a sophisticated wave of artificial intelligence fraud, siphoning tens of millions of euros using deepfake voice technology to impersonate top executives.

The largest attack hit Fideuram, the private banking subsidiary of Italy's largest lender, Intesa Sanpaolo. In late February, then-chairman Paolo Molesini received WhatsApp messages from an unknown number purporting to be Intesa Sanpaolo Chief Executive Carlo Messina. The sender requested urgent, confidential assistance for an international bank acquisition to avoid regulatory leaks.

The fraudsters reinforced the deception with phone calls utilizing AI-generated voice clones. Posing as a senior partner at international law firm A&O Shearman and Fideuram Chief Executive Lino Mainolfi, the perpetrators persuaded bank staff to authorize 11 wire transfers totaling 95 million euros to accounts in China and Portugal.

Millions Laundered into Cryptocurrencies

The fraud was uncovered after the real Messina was contacted and confirmed he had no knowledge of the transactions. International banking cooperation enabled authorities to freeze and recover approximately 55.6 million euros, including 42.5 million euros from a Bank of China account and 13.1 million euros in Portugal.

Between 36 and 39.5 million euros remain missing after being routed through foreign accounts and converted into cryptocurrencies. Molesini resigned from his post on March 12 citing personal reasons. Neither he nor other Fideuram executives are under investigation.

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Multiple Lenders Targeted

Milan prosecutors have opened investigations into fraud and identity theft following reports from three financial institutions. Investigators revealed that Banca Ifis was also targeted for 24 million euros, though the bank managed to recover 20 million euros. A smaller cooperative credit bank lost two million euros, and scammers also attempted to the head of Bper Banca.

Italian prosecutors have tracked roughly four million euros in stablecoins linked to the operation to an account held by a 48-year-old Israeli citizen, who is under investigation alongside unidentified co-conspirators. Authorities have warned financial institutions to heighten scrutiny over urgent, high-value transfer requests from senior leadership.

Note: This article was created with Artificial Intelligence (AI).

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€95 Million AI Deepfake Bank Heist Hits Italy as Scammers Clone Top CEO Voices

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