Fideuram scammed with AI voice: 36 million euros still missing

In February 2023, the Italian bank Fideuram faced an advanced scam involving the use of artificial intelligence. The fraudsters managed to impersonate CEO Carlo Messina, leading to the authorization of urgent payments to foreign accounts by chairman Paolo Molesini. Part of the stolen money, about 53 million euros, has been recovered thanks to international cooperation, but 36 million euros remains missing.

The scam began with a WhatsApp message that appeared to come from Messina, asking Molesini to quickly arrange a transaction. He then received a call from someone impersonating a senior partner of a reputable law firm. The fraudsters had used AI technology to mimic this partner's voice, which led Molesini to believe the request was authentic. Consequently, he instructed his financial team to transfer money to various foreign accounts, primarily in China and Hong Kong.

After the irregularities were discovered, Fideuram immediately took action by alerting involved banks and authorities in several countries. Thanks to the cooperation between authorities in China, Portugal, and Italy, a significant amount of approximately 53 million euros was recovered. However, the remaining 36 million euros has likely been siphoned off via foreign accounts and converted to cryptocurrency, and so far no arrests have been made in this case.

The Public Prosecutor's Office in Milan has launched an investigation into a foreigner suspected of computer fraud, but Molesini and other executives of Fideuram are currently not under investigation. Molesini recently stepped down from his position as chairman for personal reasons. This incident serves as a troubling example of how technology and fraud can go hand in hand, emphasizing the need for financial institutions to remain vigilant against such threats.

Read the full article from AI Insider.