Intesa Sanpaolo’s Fideuram loses €95M in AI messaging scam

A group of fraudsters used AI-generated voice cloning and fake WhatsApp messages to steal €95 million from Fideuram, the private banking arm of Italy’s largest lender, Intesa Sanpaolo. It’s one of the most expensive CEO impersonation scams ever disclosed by a major European financial institution. Of the stolen funds, roughly €53 million to €59 million has been clawed back through international cooperation. The remaining €36 million was converted into crypto assets, making recovery significantly harder. How the scam worked The scheme kicked off in February 2026 when former Fideuram chairman Paolo Molesini received a WhatsApp message that appeared to come from Intesa Sanpaolo CEO Carlo Messina. The message was urgent, as these things always are, requesting overseas transfers tied to what was framed as a time-sensitive financial opportunity. To seal the deal, the fraudsters arranged a follow-up phone call. On the other end of the line was what sounded like Paolo Nastasi, a lawyer known to the parties involved. It wasn’t Nastasi. It was an AI-cloned version of his voice, convincing enough to push the transfers through. Fake emails backed up the requests, creating a layered illusion of ...