Italian Private Bank's €39.5M Loss Blamed on AI-Powered Voice Scam

Fideuram, a private banking arm of Italy's largest banking group, Intesa Sanpaolo, has lost at least €39.5 million to an AI-powered voice scam.

The scam began on February 23, 2026, when former Fideuram Chairman Paolo Molesini received a WhatsApp message claiming to be from Intesa Sanpaolo CEO Carlo Messina.

The message was followed by a call using an AI-generated version of a lawyer's voice, which convinced Molesini to authorize urgent payments.

The payments, totaling close to €95 million, were sent abroad between February 23 and 25, with substantial amounts routed to accounts in China and Portugal.

While €42 million sent to China was blocked and returned, and over €13 million held at a Portuguese bank was secured, at least €39.5 million remains unaccounted for.

Investigators have reconstructed one chain involving roughly €4 million, which passed through accounts in Malta, Luxembourg, and the Netherlands, and a Canadian money-transfer platform before reaching two Bitcoin wallets.