Italian Bank Loses €95 Million to AI-Cloned Lawyer Voice Scam

Overview of the Fraud

In February 2026, Fideuram, the private banking subsidiary of Italy's largest banking group Intesa Sanpaolo, fell victim to a sophisticated fraud resulting in €95 million in losses. The incident was reported by Reuters on September 25, 2026.

How the Scam Worked

Stage 1: Executive Impersonation via WhatsApp

Paolo Molesini, then Chairman of Fideuram, received a WhatsApp message apparently from Carlo Messina, CEO of parent company Intesa Sanpaolo. The message urged him to urgently assist in completing an overseas business transaction.

Stage 2: AI-Generated Voice Cloning

To increase credibility, the scammers escalated their approach. They placed a phone call to Molesini, posing as an associate from a major law firm, confirming the transaction. Critically, they used artificial intelligence to clone the lawyer's voice, creating a deepfake audio recording. This synthetic voice validation made the fraudulent request appear legitimate and corroborated by an external authority.

Stage 3: Authorization of Wire Transfers

Convinced of the request's authenticity, Molesini instructed Fideuram's finance department to execute a series of wire transfers to foreign accounts, primarily located in China and Hong Kong.

Extent of Losses and Recovery

Fideuram quickly detected irregularities in these transfers and promptly alerted financial institutions and authorities across multiple countries. Through coordinated efforts between Chinese, Portuguese, and Italian authorities, approximately €53 million was successfully recovered. However, over €36 million—roughly 38% of the total—remains unrecovered after being converted into cryptocurrencies and routed through networks of offshore accounts, making it effectively untraceable.

Legal Investigation

The Milan Public Prosecutor's Office launched an investigation into the fraud. Notably, no Fideuram executives, including Molesini, have been charged. Molesini stepped down from his position as Chairman in March 2026, citing personal reasons, though Fideuram provided no further public explanation.

Red Flags and Warning Signs

Characteristics of Executive Impersonation Fraud

1. Artificial Urgency: Fraudsters emphasize time pressure ("immediate action required") to bypass rational decision-making processes
2. Unusual Communication Channel: Critical instructions arriving via WhatsApp or SMS rather than official banking systems should raise suspicion
3. External Verification Claims: The introduction of outside parties ("a lawyer is confirming") may be fabricated to legitimize the request
4. Voice Authentication Bypass: Modern AI can convincingly replicate human voices; audio calls should never be the sole verification method
5. Offshore Destination: Wire transfers to China, Hong Kong, or other distant jurisdictions for business purposes warrant heightened scrutiny

Prevention and Protection Strategies

1. Implement Multi-Step Verification Protocols: Never rely on a single communication channel, regardless of apparent urgency. Always confirm through independent, official channels before proceeding
2. Require Multiple Approvals for Large Transfers: Establish mandatory dual or multi-signature authorization for transactions exceeding specified thresholds
3. Use Secure Verification Methods: Bypass voice or written messages; verify through established banking systems and in-person confirmation when possible
4. Conduct Regular Security Training: Ensure all staff, particularly those in financial roles, receive updated training on the latest fraud tactics
5. Monitor Transaction Anomalies: Deploy monitoring systems to flag unusual transfer patterns in real time
6. Establish Clear Escalation Procedures: Create formal channels for challenging suspicious directives without fear of retaliation

Reporting Suspected Fraud

If you suspect fraud, contact your national financial regulator, law enforcement, or your bank's fraud reporting hotline. For international wire fraud cases, report to the FBI (in the U.S.), Europol (in the EU), or your country's central bank. Time is critical—the sooner authorities are notified, the greater the chance of intercepting and recovering funds.