Italian bank Fideuram lost €95 million to an impersonation scam where fraudsters posed as Intesa Sanpaolo executives. Of that amount, €36 million was converted to cryptocurrency and remains unrecovered, though €40 million was recovered from China and €13 million was frozen in Portugal.
Scammers used AI deepfakes to deceive a director at Intesa Sanpaolo's Fideuram division into authorizing €95 million in fraudulent transfers. Although over half the funds were recovered through international cooperation, approximately €36 million remains missing.