Intesa Sanpaolo unit loses 95M to AI fraud
A fraudulent group leveraging artificial intelligence technology managed to steal approximately 95 million euros from the private banking division of Italian Bank Intesa Sanpaolo, "Vedioram." The scam began in February when the former chairman received a WhatsApp message that appeared to be from the bank’s CEO, requesting urgent assistance with an overseas transaction. They then contacted him through a fake phone call that employed AI techniques to mimic his voice. This led him to direct the transfer of hundreds of millions of euros to external accounts, most of which were in China and Hong Kong. About half of the amount was later recovered through cooperation with international authorities, but roughly 36 million euros remain missing. The investigation has not yet involved the company's executives, and the former chairman resigned in March for personal reasons. Meanwhile, authorities continue to investigate a suspicious external entity.
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