Convincing AI voice scam targeting CEOs leads to cash freeze by Italian police, fraudsters get the boot

The rapid evolution of AI technology has enabled sophisticated voice cloning scams, as demonstrated by a recent high-profile fraud case in Italy targeting prominent business figures. Defense Minister Guido Crosetto’s voice was artificially replicated by scammers who used it to solicit urgent financial transfers under the guise of rescuing kidnapped journalists.

The scam’s methodology: Fraudsters orchestrated an elaborate scheme involving fake calls from government offices and AI-generated voice impersonation of Italy’s Defense Minister.

• The scammers posed as defense ministry officials, making calls that appeared to originate from Rome government offices
• They claimed urgent funds were needed to secure the release of kidnapped Italian journalists in the Middle East
• The fraudsters used AI technology to create a convincing simulation of Minister Crosetto’s voice
• Victims were told the government needed to keep the transactions confidential

High-profile targets: The scammers specifically targeted some of Italy’s most prominent business figures.

• Fashion icon Giorgio Armani and Prada co-founder Patrizio Bertelli were among those approached
• Massimo Moratti, former owner of Inter Milan soccer club, was the only known victim who transferred funds
• Moratti made two payments totaling nearly one million euros, believing he would be reimbursed by the Bank of Italy

Swift law enforcement response: Italian authorities successfully traced and froze the fraudulent transfers.

• Police located the transferred funds in a Dutch bank account
• The entire sum of nearly one million euros ($1.04 million) was frozen
• Minister Crosetto praised the “excellent work” of magistrates and police forces on social media platform X

Victim’s perspective: Moratti’s experience highlights the sophisticated nature of modern AI-enabled fraud.

• The former Inter Milan owner filed a legal complaint after discovering the deception
• Moratti told Italian newspaper La Repubblica that “it all seemed real” and that the scammers “were good”
• He acknowledged that such convincing scams “could happen to anyone”

Looking ahead: The evolving threat landscape: This incident demonstrates how AI voice cloning technology has created new vectors for sophisticated financial fraud, particularly targeting high-net-worth individuals and business leaders. The successful recovery of funds in this case, while encouraging, may be more the exception than the rule for future AI-enabled scams.