In February 2026 fraudsters deceived Fideuram, the private banking arm of Intesa Sanpaolo, by sending a WhatsApp message and placing a phone call in which the caller’s voice was allegedly generated with artificial intelligence. The scheme prompted the bank to make large transfers abroad.
According to reports, Paolo Molesini, chairman of Fideuram, received a WhatsApp message that appeared to come directly from Intesa Sanpaolo’s CEO, asking him to assist with a high-value international transfer. He then received a phone call from someone presented as a senior partner of a large law firm; the voice on that call was reportedly imitated using AI.
Treating the requests as genuine, Molesini instructed the bank’s finance team to proceed with the transfers. Fideuram ultimately sent a total of €95 million to foreign accounts, including destinations in China and Hong Kong.
The bank’s systems later flagged unusual transactions. Fideuram alerted the correspondent banks and authorities, and through international cooperation about €53 million was recovered. However, according to Reuters roughly €36 million disappeared within a chain of foreign accounts and was reportedly converted into cryptocurrency, rendering it difficult to trace.
Following the incident Paolo Molesini resigned his post in March, without offering a detailed public explanation. The newly revealed fraud may help explain his departure.
Milan prosecutors are investigating and attempting to identify the alleged cybercriminals behind the AI-generated voice scam. Authorities say the investigation targets at least one person residing outside the European Union on suspicion of computer fraud.
This case highlights how artificial intelligence can be used to create a convincing appearance of authenticity at scale and low cost, turning AI-generated content into a growing financial threat—especially for institutions serving high-net-worth clients.
Why it matters
- The fraud combined messaging and AI-driven voice imitation, increasing its sophistication.
- The scale of the transfers: €95 million sent, with about €53 million recovered and roughly €36 million remaining unaccounted for.
- Suspects may be located outside the EU, requiring cross-border law enforcement cooperation.
Fideuram and investigative authorities continue their inquiries while the incident underscores the need for banks to update controls and verification processes to counter AI-enabled fraud.
