International

AI Impersonation Fraudsters Steal €95 Million From Italian Bank’s Private Banking Unit

26 September 2026 18:09 PM

NEWS DESK

Fraudsters using artificial intelligence to impersonate senior officials have stolen €95 million ($108 million) from Fideuram, the private banking division of Italy’s largest lender, Intesa Sanpaolo, according to two sources familiar with the matter.

Some of the stolen funds were later recovered, but around €36 million remains unaccounted for, the sources said.

The fraud was first reported by Italian newspaper Corriere della Sera. According to the report, the scheme began in February when Paolo Molesini, then chairman of Fideuram, received a WhatsApp message that appeared to have been sent by Intesa Sanpaolo CEO Carlo Messina. The message requested urgent assistance with an international transaction.

To make the request appear legitimate, the fraudsters followed up with a phone call that appeared to come from a senior partner at a prominent law firm. The sources said AI technology was used to convincingly imitate the lawyer’s voice.

Believing the request to be genuine, Molesini instructed Fideuram’s treasury department to transfer funds to several foreign bank accounts, mainly in China and Hong Kong, according to the sources.

Intesa Sanpaolo and Fideuram declined to comment on the matter.

Fideuram quickly detected irregularities in the transfers and alerted banks and authorities in several countries. The sources said a joint effort by authorities in China, Portugal and Italy subsequently led to the recovery of around €53 million.

The remaining funds were transferred through a network of foreign accounts and converted into cryptocurrency, after which they could no longer be traced, the sources said.

No investigation has been opened against Molesini or any other Fideuram officials, according to the sources. However, Milan prosecutors have reportedly placed a foreign national living outside Europe under investigation on suspicion of computer fraud, one source said.

Molesini resigned as chairman in March, citing personal reasons. Fideuram did not provide further details about his departure at the time.

The incident follows another high-profile AI-enabled fraud in Italy. Last year, scammers used AI to imitate the voice of an Italian government minister and persuaded businessman Massimo Moratti to transfer around €1 million to a foreign bank account. The money was later recovered.

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