AI Voice Scam Poses as Italian Defense Minister to Target Billionaires and Business Leaders

Sophisticated Scam Targets Prominent Italians Using AI Voice Technology

A recent scam targeting some of Italy's wealthiest and most influential figures has shocked the nation.

Criminals posed as their Defense Minister Guido Crosetto and his staff, using advanced AI-generated voice technology and cloned phone numbers to deceive their victims.

The scammers convinced several prominent businessmen that they were needed to fund ransoms for Italian journalists reportedly kidnapped in the Middle East.

Business Tycoons Fall Victim to High-Tech Fraud

Among those approached by the fraudsters were former owner of the Inter Milan football club president Massimo Moratti, the Aleotti family of the Menarini pharmaceutical group, and the Beretta family, known for their firearms manufacturing.

While many of the targeted individuals recognised the fraudulent nature of the calls, Moratti was taken in by the scam and transferred approximately one million euros.

Reflecting on the incident, Moratti said,

"These people are good; it all seemed absolutely real. It can happen; of course, one doesn’t expect this kind of thing. But it happens to everyone."

Minister Crosetto Alerts Authorities

Defense Minister Crosetto took to social media platform X to inform the public about the incident.

He acknowledged that "a great entrepreneur" had been targeted by the fraudsters and confirmed that he had notified law enforcement and judicial authorities.

The Minister’s swift response has drawn attention to the growing threat posed by such sophisticated scams.

Translation:

I am using this medium to publicize a serious ongoing scam.

An absurd story that begins on Tuesday with a call from a friend, a great entrepreneur, who asks me why my secretary called his to get his cell phone. I tell him that it was absurd, since I have it, and that it was impossible. I check to be sure and they confirm that no one has looked for it.

I'm filing the matter away.

After an hour they tell me that there is a well-known businessman, whom I do not know, who would like to contact me. I authorize him to give me my cell phone.

He calls me and tells me that I called him and then a General and that he made a very large transfer to an account that the “General” had given him. I tell him that it is a scam and I notify the Carabinieri who go to his house and collect the complaint. On Wednesday evening, a similar thing happens, again a big businessman contacted by a self-styled official of the Ministry of Defense, Giovanni Montalbano, who asked for his father’s cell phone.

Today it happened twice more: two big businessmen contacted on my behalf. The judiciary and the Carabinieri are informed of everything but I prefer to make the facts public so that no one runs the risk of falling into the trap.

Increasing Use of Deepfake Technology in Financial Fraud

The use of AI-generated voice tools, also known as deepfakes, has become an alarming trend in financial fraud.

Just last year, a similar scam was reported when a Ferrari NV executive was contacted by someone impersonating CEO Benedetto Vigna.

The attempted fraud, however, was thwarted after the executive grew suspicious of the call.

Earlier this year, Thailand's Prime Minister, Paetongtarn Shinawatra, nearly fell victim to an AI-driven scam where fraudsters impersonated a foreign leader and attempted to solicit a donation.

After receiving suspicious AI-generated voice messages and a fraudulent donation request, she alerted authorities.

Experts warn that wealthy individuals and corporate executives are prime targets for these types of scams, which exploit the trust built by high-level figures and their affiliations.

Fraudsters Claim Ransom Money Needed for Kidnapped Italians

The scam was tied to the recent case of Italian journalist Cecilia Sala, who was freed from detention in Tehran after lengthy negotiations.

The fraudsters used this real-life event to back up their fabricated claims that additional Italian citizens were in danger and that ransom funds were urgently required.

In a statement, the Bank of Italy issued a warning about the fraudulent use of its name and logo, stating that victims were misled into thinking they would be reimbursed by the institution.

Public Prosecutor Investigates Multi-Million-Euro Scam

The Milan Public Prosecutor’s Office has confirmed it is investigating the scam after at least three formal complaints were lodged.

As authorities work to identify the criminals behind this high-tech fraud, the case highlights the need for more vigilance and caution in verifying communications, especially when they involve financial transactions.