Italy Investigates More AI Bank Scams After €95 Million Fideuram Fraud

Italian prosecutors in Milan are investigating additional suspected bank frauds involving artificial intelligence, fake communications and voice cloning. The investigations emerged after the reported €95 million fraud against Fideuram, the private-banking arm of Intesa Sanpaolo.

According to Italian news agency ANSA, two other cases involved transactions worth approximately €24 million and €2 million.

A second suspected fraud worth €24 million

In the larger of the two additional cases, a bank manager was allegedly deceived into authorising transactions totalling approximately €24 million.

Investigators reportedly traced parts of the money through international accounts, including accounts connected to Spain, Singapore, Hong Kong and Bahrain. Some funds were recovered or frozen in Barcelona.

The case allegedly involved communications that appeared to originate from a person working at the same bank, convincing the manager that the instructions were legitimate.

Another case involving approximately €2 million

ANSA also reported an investigation involving a smaller financial institution and suspected losses of around €2 million. Some of the money was reportedly recovered in Croatia.

Authorities stressed that the investigations were separate. The cases should therefore not be treated as proof that a single organised group carried out all three frauds.

A pattern investigators are watching

The cases share a reported feature: criminals allegedly used digital communications and AI-enabled impersonation to make fraudulent instructions appear trustworthy.

In the Fideuram case, Reuters reported that a WhatsApp message apparently from Intesa Sanpaolo’s chief executive was followed by a call using an AI-replicated voice. The bank’s former chairman authorised multiple transfers before irregularities were detected.

Of the approximately €95 million involved in that case, around €53 million was subsequently recovered, while approximately €36 million remained missing at the time of Reuters’ report.

Why rapid detection matters

Fraudsters may move money through multiple jurisdictions and convert it into other assets, making recovery more difficult. Contacting receiving banks and law-enforcement authorities quickly can help prevent some transfers from being completed or funds from being moved again.

The Italian investigations underline the importance of independent verification for large transfers, especially when requests arrive unexpectedly through messaging apps or telephone calls.

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