Italy's top bank hit by an AI messaging scam which cost it nearly €100 million
- AI-powered deepfakes convinced executives to authorize massive overseas fund transfers
- Fraudsters impersonated senior figures through messaging apps and cloned voices
- Incident highlights evolving business email compromise tactics in the AI era
Cybercriminals have tricked a major Italian bank into wiring more than $100 million abroad by targeting executives with AI-powered deepfakes. Some of the money has since been recovered, but a significant portion remains unaccounted for.
The target was Fideuram – Intesa Sanpaolo Private Banking, a very large Italian private-banking and wealth-management group owned by Intesa Sanpaolo. It cannot be considered a “normal” retail bank - its core business is managing investments and wealth for affluent and high-net-worth clients.
According to the latest figures, the bank has around $513.25 billion in assets under management (AUM), more than 7,100 private bankers, and more than $9.85 billion in net profit.
Deepfakes and phone calls
Citing two sources familiar with the matter, Reuters...
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