Italy's biggest private bank wires $108M to scammers who clone a lawyer's voice with AI

Fraudsters using AI to impersonate senior executives stole €95 million (US$108 million) from Fideuram, the private banking arm of Italy's biggest lender ​Intesa Sanpaolo, two sources familiar with the matter said on Friday.

More ‌than half the funds were later recovered, but some €36 million remains missing, the sources said.

The scheme, first reported by Corriere della Sera, began in February when then-Fideuram Chairman Paolo Molesini received what appeared to be a WhatsApp message from Intesa Sanpaolo CEO Carlo Messina seeking urgent help with an overseas ⁠transaction.

The fraudsters followed up with a phone call that appeared to come from a senior partner at a prominent law firm, confirming the instruction. According to the sources, the callers used AI technology to replicate the lawyer's voice.

Believing the request was genuine, Molesini instructed his finance department to arrange a series of transfers to foreign accounts, mainly in mainland China and Hong Kong, the sources said.

Intesa Sanpaolo and Fideuram declined to comment.

Intesa Sanpaolo logo is seen in this illustration taken Dec. 3, 2025. Photo by Reuters

Fideuram quickly detected irregularities in the transfers and alerted banks and ‌authorities ⁠in several countries. Roughly €53 million was later recovered through cooperation between authorities in China, Portugal and Italy, according to the sources.

The remaining funds have not been traced after passing through a network of overseas accounts and being converted into cryptocurrencies, they said.

Neither Molesini nor ⁠any other Fideuram executives are under investigation, the sources said. However, Milan prosecutors have placed a foreign national living outside Europe under investigation on suspicion of computer fraud, one of ⁠the sources said.

Molesini resigned as chairman in March citing personal reasons. At the time, Fideuram gave no further explanation for his departure.

Last year, fraudsters using AI to ⁠mimic the voice of an Italian minister persuaded businessman Massimo Moratti to transfer nearly €1 million to an overseas account. The money was later recovered.