Fraudsters targeted Fideuram, the private banking division of Intesa Sanpaolo, using AI-generated voice cloning and deceptive WhatsApp messages. The scheme, which began in February 2026, involved impersonating CEO Carlo Messina and lawyer Paolo Nastasi to authorize unauthorized overseas transfers.
The stolen funds, totaling €95 million, were primarily wired to accounts in China and Hong Kong. Following the incident, Fideuram initiated international cooperation to recover the assets. Authorities successfully returned between €53 million and €59 million.
Specifically, €40 million was recovered via Chinese banks, and €13 million was seized with assistance from Portuguese authorities and Eurojust. Approximately €36 million remains missing, as these funds were converted into cryptocurrencies.
Former Fideuram chairman Paolo Molesini, who was targeted by the scam, resigned on March 16, 2026. He is not under investigation. Intesa Sanpaolo disclosed the incident on September 25, 2026, noting that it has blocked thousands of similar AI-based attempts this year.
