Millions missing after AI impersonation scam at Intesa's private bank

Fideuram, the private banking arm of Italy's Intesa Sanpaolo, was tricked into transferring about €95 million in an AI-assisted impersonation scam in February, Reuters reported on 25 September 2026, citing two people familiar with the matter. Some funds have since been recovered or blocked. [3] [4]

Reuters put the amount still missing at approximately €36 million, while Italian news agency ANSA, citing case records, reported €39.5 million. The €95 million figure represents the initial transfers, rather than the outstanding loss. [3] [4] [5]

How the impersonation worked

The approach began with a WhatsApp message to Paolo Molesini, then Fideuram's chairman, from someone posing as Intesa Sanpaolo chief executive Carlo Messina. A subsequent caller impersonated a senior lawyer and reinforced the payment instructions. Reuters' sources said AI was used to replicate the lawyer's voice. [4]

Emails made to resemble correspondence from a law firm supplied details of foreign companies and accounts to receive the payments, Corriere della Sera reported. Corriere was the first newspaper to report the scheme. [3] [4]

Il Fatto Quotidiano's account of the judicial reconstruction said Molesini and the treasurer authorised transfers believing the operation was urgent and confidential, without contacting the actual leadership of Fideuram or Intesa. It dated the transfers to 23–25 February. [6]

Fideuram announced Molesini's resignation as chairman on 12 March, citing personal reasons. [2]

Recoveries and investigation

Some money was returned to Fideuram from a bank in China. Other funds were blocked by Portugal's BPI and subsequently seized by a court, a separate step from repayment to the bank. [3] [6]

A 48-year-old Israeli man is under investigation in Milan for aggravated fraud and impersonation, Open reported, citing an asset-seizure order signed by judge Sonia Mancini. The order describes him as being investigated alongside unidentified others. [7]