Fraudsters posing as senior executives used AI to take €95m ($108m) from Fideuram, Intesa Sanpaolo’s private banking arm, Reuters reported, citing sources.
Banks and authorities recovered approximately €53m, leaving about €36m unaccounted for, according to the sources.
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The operation started in February, when Paolo Molesini, who was then Fideuram’s chairman, received a WhatsApp message that appeared to have been sent by Intesa Sanpaolo chief executive Carlo Messina.
The message requested urgent assistance with an international payment.
A subsequent call appeared to come from a senior partner at a major law firm and confirmed the request.
The callers reportedly used AI to reproduce the lawyer’s voice.
Molesini subsequently directed Fideuram’s finance team to make several payments to bank accounts abroad, primarily in China and Hong Kong, the sources said.
The bank identified unusual activity soon afterwards and informed financial institutions and authorities in multiple countries. Cooperation between authorities in China, Portugal, and Italy led to the recovery of roughly €53m.
The rest of the money has not been located. It was moved through multiple overseas accounts before being exchanged for cryptocurrencies, according to the sources.
Molesini and other Fideuram executives are not under investigation, the sources said. Milan prosecutors are investigating a foreign national living outside Europe on suspicion of computer fraud, one source said.
Molesini left his chairman role in March, referring to personal reasons. Fideuram did not provide any further explanation at the time.
Intesa Sanpaolo and Fideuram declined to comment.
