‘Heist of a new kind’: AI-enabled scam reportedly managed to steal $110 million from French bank

Crédit Mutuel Arkéa says a sophisticated fraudulent attack stole €100 million (about $110 million) from the French bank’s own account, equivalent to roughly a quarter of one quarter’s profits. The bank’s chair described it as an unprecedented successful attack on a French and, as far as he knew, European bank, with the group likely aided by advanced AI.

The attackers reportedly gained privileged access through a compromised service provider, then created fake IBANs, including Fortuneo details, to make instant payments to external parties appear legitimate. Fortuneo’s systems and customers were not affected. The transfers began on 1 November and the breach was detected on 3 November; funds were moved through European banks and spent on crypto platforms, though the article says AI’s precise role remains unclear.