Intesa Sanpaolo's Fideuram loses €95M in AI messaging scam

Fideuram: Fideuram is the private banking arm of Intesa Sanpaolo, focusing on wealth management and investment services for high-net-worth clients. The AI impersonation scheme originated with a message to its then-chairman, leading Fideuram to detect irregularities and coordinate with international authorities on recovery. The unit has not commented on the incident. Mark Potter: Mark Potter is a Reuters editor who handled the final review of the article on the banking fraud incident. His role ensured accuracy in reporting the events involving Intesa Sanpaolo and Fideuram. Valentina Za: Valentina Za is a Reuters journalist who provided additional reporting on the Intesa Sanpaolo AI scam. Her contributions supported the coverage of the fraud details and recovery process. Carlo Messina: Carlo Messina is the chief executive officer of Intesa Sanpaolo. Fraudsters used AI to replicate his voice and persona in messages to Fideuram's leadership to facilitate unauthorized transfers. He was not directly involved in the incident beyond being the target of impersonation. Paolo Molesini: Paolo Molesini served as chairman of Fideuram until his resignation in March. He received the initial fraudulent WhatsApp message impersonating Intesa's CEO and authorized the subsequent wire transfers based on the instructions and follow-up call. No investigation targets him or other Fideuram executives in connection with the event. Crispian Balmer: Crispian Balmer is a Reuters writer who authored the article detailing the AI messaging scam against Fideuram. The piece covers the timeline, recovery efforts, and investigation updates. Intesa Sanpaolo: Intesa Sanpaolo is Italy's largest bank by assets and serves as a major retail and corporate lender across Europe. It operates through various divisions including private banking. In this case, the AI messaging scam targeted its Fideuram subsidiary, prompting the parent company to decline comment while cooperating on fund recovery efforts. Massimo Moratti: Massimo Moratti is an Italian businessman previously targeted in an AI voice scam mimicking a government minister. That earlier incident resulted in a transfer of funds to an overseas account before recovery. It illustrates a pattern of similar AI-enabled fraud attempts in Italy. Prior Incidents: Similar AI voice impersonation scams have targeted prominent Italian individuals in the financial sector within the past year. AI Fraud Techniques: Criminals are employing AI tools to replicate voices and create convincing impersonations of executives and professionals in attempts to authorize fraudulent bank transfers. Cross-Border Recovery: International collaboration among authorities in multiple countries has enabled partial recovery of funds transferred through overseas accounts and converted to cryptocurrencies.