September 25, 2026, (Inside AI) — Fraudsters armed with artificial intelligence impersonated top executives at Intesa Sanpaolo, Italy’s largest bank, and siphoned €95 million ($108 million) from its private banking unit Fideuram, according to two people familiar with the matter. More than half the money was clawed back, but €36 million remains missing after being routed through a web of overseas accounts and converted into cryptocurrency.
The scheme, which began in February, exploited a simple but devastating weakness: human trust in familiar voices and names. It also marks one of the largest known AI-assisted corporate thefts, raising urgent questions about how banks verify executive instructions in an era of cheap, convincing deepfakes.
Then-Fideuram Chairman Paolo Molesini received what appeared to be a WhatsApp message from Intesa CEO Carlo Messina, asking for urgent help with an overseas transaction. A follow-up phone call seemed to come from a senior partner at a prominent law firm, confirming the request. The callers used AI to replicate the lawyer’s voice, the sources said. Believing the instruction was genuine, Molesini told his finance department to arrange transfers to foreign accounts, mainly in China and Hong Kong.
Intesa Sanpaolo and Fideuram declined to comment. Molesini did not respond to requests for comment. He resigned as chairman in March, citing personal reasons, and Fideuram gave no further explanation at the time.
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Fideuram’s internal controls eventually flagged the transfers as irregular, prompting alerts to banks and authorities in multiple countries. Roughly €53 million was recovered through cooperation between officials in China, Portugal, and Italy, according to the sources. The remaining funds have not been traced.
Milan prosecutors have placed a foreign national living outside Europe under investigation on suspicion of computer fraud, one source said. Neither Molesini nor any other Fideuram executives are under investigation.
The incident echoes a 2025 case in which fraudsters used AI to mimic the voice of an Italian minister and persuaded businessman Massimo Moratti to transfer nearly €1 million to an overseas account. That money was later recovered. The Fideuram case is far larger and highlights how quickly AI voice cloning has moved from novelty to a tool for high-value corporate crime.
Security researchers have warned for years that voice authentication and executive approval workflows are vulnerable to synthetic media. A 2024 study by McAfee found that a majority of people could not reliably distinguish between a real voice and an AI-cloned one after just a few seconds of audio. Banks have since invested in callback verification and multi-factor approvals, but attackers continue to adapt.
“The problem is not the technology itself, but the speed at which it can be deployed against human psychology,” said Dr. Elena Bertolini, a cybersecurity researcher at Politecnico di Milano, who was not involved in the case. “When a request appears to come from a trusted CEO and is confirmed by a second familiar voice, even experienced executives can be fooled.”
The recovery of €53 million involved coordination across three jurisdictions, a process that took weeks. The missing €36 million likely moved through shell accounts and crypto exchanges, making tracing difficult. Authorities have not disclosed the identity of the foreign national under investigation.
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For Intesa Sanpaolo, the financial hit is manageable. The bank reported net income of €8.5 billion in 2025, so €36 million represents less than half a percent of annual profit. But the reputational damage and the precedent are more significant. Clients of private banks expect discretion and security. A breach that relied on impersonating the CEO and a lawyer could undermine confidence in Fideuram’s controls.
Italian regulators have not publicly announced new rules in response. However, the case is likely to accelerate discussions in the European Union about corporate verification standards under the AI Act, which began phasing in obligations for high-risk AI systems earlier this year. Voice cloning tools are widely available, often free, and require only a few seconds of sample audio.
Fideuram has not said whether it has changed its internal approval procedures. The bank’s parent, Intesa Sanpaolo, operates in 12 countries and manages over €1 trillion in assets. The incident is a reminder that even the most sophisticated institutions can be breached through a single trusted channel.
As Milan prosecutors continue their investigation, the missing millions may never be recovered. The case stands as a warning: in the age of AI, a phone call is no longer proof of identity.
