Key Takeaways:
- Fraudsters stole 95 million euros using AI-generated voice clones in an AI voice scam.
- Criminals pretended to be bank executives and a lawyer through fake messages and calls.
- Authorities recovered part of the stolen money while the investigation continues.
Fraudsters used AI voice cloning tools to trick Italian private bank Fideuram into transferring 95 million euros to overseas accounts after sending fake messages that appeared to come from senior executives.
Fraudsters Target Italian Bank With Fake Voice Calls
Criminals targeted Italian private bank Fideuram in a carefully planned AI voice scam. The attackers used technology to copy the voices of trusted business leaders. Bank employees believed the fake calls and messages were genuine during normal working hours.
In February, the company chairman received a WhatsApp message that appeared to be from the parent company’s chief executive. The message asked for urgent help with a secret transfer to overseas accounts. Because the request appeared to come from a senior executive, officials treated it as a top priority.
Fraudsters then made a phone call using a cloned voice to pretend to be a well-known Italian lawyer. The call confirmed the urgent transfer request and convinced bank staff to follow the instructions. Believing the request was real, bank leaders told the finance department to make the transfers immediately.
Investigators Track Missing Funds Across Borders
The bank transferred 95 million euros to several accounts in Asia. Most of the money was sent to accounts in China and Hong Kong. Investigators found that the funds were moved quickly to make them harder to trace.
Bank employees later noticed unusual activity in the transaction records and alerted international authorities. Police in several countries began working to find the stolen money from the AI voice scam. Cooperation between agencies helped freeze some of the funds before they could be moved again.
Law enforcement officials recovered about 53 million euros through the international investigation. However, around 36 million euros remain missing after being moved through offshore accounts. Investigators are continuing to track the remaining money across different countries.
Prosecutors Expand Investigation Into Fraud Ring
Italian prosecutors opened a formal investigation into this major fraud. Authorities are investigating a foreign citizen on suspicion of computer fraud linked to the operation. Investigators are also examining digital records to find other people who may have been involved.
Some of the stolen money was converted into cryptocurrency to make the transfers harder to trace. This made it more difficult for financial crime investigators to follow the remaining funds.
Banks are warning that AI voice scam techniques involving voice cloning can create serious security risks for financial institutions. They are calling for stronger identity checks to prevent similar scams. Employee training also remains important so staff can spot suspicious messages, calls, and transfer requests.
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