TLDR: The Fideuram AI voice scam triggered approximately €95 million in overseas transfers, with at least €36 million reportedly converted into cryptocurrency. Fraudsters combined a fake CEO
The Fideuram AI voice scam triggered approximately €95 million in overseas transfers. At least €36 million reportedly entered cryptocurrency after scammers moved the funds through foreign accounts.
Fraudsters impersonated Intesa Sanpaolo CEO Carlo Messina and a senior lawyer to deceive then-chairman Paolo Molesini. The scheme unfolded in February 2026 and became public through Italian reporting and coverage in September.
Fideuram, Intesa Sanpaolo’s private banking subsidiary, sought international help after detecting suspicious transactions. Some money was recovered or frozen, while Milan prosecutors investigated a foreign suspect. Published accounts differ on the outstanding balance and the amounts returned or frozen abroad.
ANSA reported that Molesini received the initial WhatsApp message on February 23. The sender claimed to be Messina but contacted him from an unfamiliar number. The request concerned a confidential overseas acquisition supposedly requiring Fideuram’s involvement.
Italian Private Banking Giant Fideuram Hit by AI Voice Scam, at Least €36 Million Converted Into Crypto
According to the Italian media outlet Milano, in February 2026, former Fideuram Chairman Paolo Molesini received a WhatsApp message impersonating Carlo Messina, CEO of Intesa… pic.twitter.com/SHmSBzLJY8
— Wu Blockchain (@WuBlockchain) October 2, 2026
A subsequent call appeared to provide confirmation from a trusted legal adviser. Corriere della Sera identified the impersonated lawyer as Paolo Nastasi. The newspaper reported that Nastasi was unaware of the deception and uninvolved in the scheme.
Voice cloning made the caller sound like a lawyer Molesini knew, according to the newspaper. Emails resembling law firm correspondence then supplied recipient companies and foreign account details. Molesini instructed the finance department to arrange the payments.
The Fideuram AI voice scam combined apparent executive authority with a familiar professional voice. That sequence suggests impersonation reinforced the payment request across several communications. The reported transfers mainly went to accounts in China and Hong Kong.
ANSA also described forged paperwork, including an apparent authorization from Messina and a confidentiality agreement. Its account said another impersonator contacted a treasury official, posing as Fideuram’s chief executive. The caller reportedly warned that Molesini would request urgent, confidential transfers.
The Fideuram AI voice scam illustrates how voice cloning can strengthen an existing impersonation narrative. The U.S. Federal Trade Commission warns that scammers can reproduce familiar voices from short audio recordings. It recommends verifying unexpected requests through a known telephone number rather than trusting recognizable speech.
Fideuram detected irregularities and alerted banks and authorities across several countries. Corriere reported that a Chinese bank returned approximately €40 million. Authorities also froze around €13 million in Portugal through cooperation involving Italian prosecutors and Portuguese investigators.
The Fideuram AI voice scam has differing reported recovery totals. Reuters reported roughly €53 million recovered through international cooperation. ANSA, citing case documents, instead reported €42 million stopped in Chinese accounts and more than €13 million frozen in Portugal.
ANSA placed the unrecovered balance at €39.5 million, while Corriere described at least €36 million converted into cryptocurrency. These reports therefore do not establish one definitive outstanding total. Frozen assets also represent a different recovery stage from money returned to the bank.
In the Fideuram AI voice scam, crypto transfers followed movements through multiple overseas accounts, Corriere reported. Investigators were seeking international judicial assistance to trace the converted funds. The report did not provide a complete list of recipient wallets or exchanges.
Reuters said prosecutors in Milan were examining a foreign national based outside Europe for suspected computer fraud. Its sources said the inquiry did not target Molesini or other executives at Fideuram. Both financial institutions declined to comment.
The Fideuram AI voice scam followed another Italian impersonation case involving businessman Massimo Moratti in February 2025. Fraudsters mimicked Defence Minister Guido Crosetto and induced payments approaching €1 million. Police subsequently located and froze the funds in a Dutch account.
Molesini resigned as Fideuram chairman on March 12, citing personal reasons, Corriere reported. The bank gave no further public explanation for his departure at the time of the announcement.
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