Fraudsters employed AI to replicate the voice of a senior partner at a prominent law firm, convincing Fideuram chairman Paolo Molesini that Intesa Sanpaolo CEO Carlo Messina needed urgent help with an overseas transaction. Molesini, acting on the fabricated WhatsApp message and subsequent phone call, directed his finance team to move €95 million to accounts in China and Hong Kong, believing the request legitimate.
Fideuram’s compliance team flagged irregularities a few days later and alerted banks in Italy, China and Portugal. Coordinated efforts between the three countries enabled the recovery of €53 million, leaving €36 million unaccounted for after the funds were routed through a web of offshore accounts and converted into cryptocurrencies.
Milan prosecutors have placed a foreign national living outside Europe under investigation on suspicion of computer fraud, but neither Molesini nor any other Fideuram executive faces charges. The banks involved declined to comment, and Molesini stepped down as chairman in March citing personal reasons.
This incident follows a 2023 case in which AI‑generated voice scams forced businessman Massimo Moratti to transfer nearly €1 million to an overseas account, a sum that was later recovered. The pattern underscores the growing threat of AI‑enhanced phishing in the banking sector.
Law enforcement will continue probing the cross‑border trail of the missing €36 million, while Intesa Sanpaolo and Fideuram review their internal safeguards. A formal audit of the bank’s transfer procedures is slated for the next quarter, and industry watchdogs are calling for tighter regulatory oversight of AI‑driven fraud.
The case serves as a stark reminder that even the world’s largest financial institutions are not immune to sophisticated cyber‑scams, and that a single compromised message can trigger losses in the tens of millions.