Italian Bank Loses ₹1,037 Crore to AI-Generated Voice Scam
A sophisticated cyber fraud scheme has been uncovered at Fideuram, the private banking arm of Italy's largest bank, Intesa Sanpaolo. The scam involved using artificial intelligence to imitate the voices and identities of senior executives.
The alleged scheme began in February when Paolo Molesini, then chairman of Fideuram, received a WhatsApp message that appeared to be from Intesa Sanpaolo CEO Carlo Messina. The message requested urgent assistance with an overseas transaction, which Molesini believed was genuine and directed the finance department to make transfers.
The fraudsters made phone calls to confirm the instructions, claiming to be senior partners at a prominent law firm and using AI technology to replicate their voices. Most of the money was sent to bank accounts in China and Hong Kong, before being converted into cryptocurrencies.