AI Messaging Scam Costs Italy's Intesa Sanpaolo €95 Million
Italy's Intesa Sanpaolo lost millions of euros after fraudsters used AI-powered impersonation and messaging to trick an executive into authorizing about €95 million in overseas transfers. Roughly €53 million was recovered, leaving about €42 million unaccounted for, with some funds converted to cryptocurrency.
- Fraudsters posed as a senior Intesa executive and a lawyer
- About €95 million transferred, roughly €53 million recovered
- Some remaining funds were converted into cryptocurrency
- The scam hit Intesa's private banking unit Fideuram
Read next
Security