StocksMedium•25 September 2026•
1 min read
AI Scam Costs Intesa Sanpaolo €95 Million in Fraudulent Transfers
Key Facts
1Fraudsters used AI to impersonate senior executives to steal €95 million from Intesa Sanpaolo's private banking arm, Fideuram.
Intesa Sanpaolo's private banking arm, Fideuram, lost €95 million ($108 million) in a sophisticated AI-powered messaging scam. Reuters reported that fraudsters utilized artificial intelligence to impersonate senior executives, a social engineering tactic that successfully bypassed internal controls to authorize the large transfers.
The incident highlights significant reputational risks and cybersecurity vulnerabilities for Italy's largest lender. Regarding market performance, IITSF closed at $7.77 on September 22, 2026, as the sector grapples with the implications of AI-driven financial fraud on banking security protocols.