Gulfnews AI Deepfake Scam Costs Italian Bank €95 Million
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- •Fraudsters stole €95 million using AI-generated deepfake voices to impersonate executives.
- •Approximately €53 million has been recovered, but €36 million remains missing.
- •The incident highlights vulnerabilities in financial transaction protocols and AI misuse.
In a sophisticated scam, fraudsters used AI-generated deepfake voice technology to impersonate executives at Fideuram, the private banking arm of Intesa Sanpaolo, resulting in the theft of €95 million. The scheme began in February 2026 when then-chairman Paolo Molesini received a WhatsApp message that appeared to be from Intesa CEO Carlo Messina, requesting urgent assistance for an overseas transaction. Following this, a phone call from a voice-cloned lawyer confirmed the request, leading Molesini to authorize multiple wire transfers to accounts in China and Portugal. Authorities have since recovered approximately €53 million through international cooperation, but around €36 million remains unaccounted for, believed to have been converted into cryptocurrencies. Molesini resigned in March, citing personal reasons, and neither he nor other executives are under investigation. Milan prosecutors are investigating a foreign national suspected of involvement in the fraud.
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