More than half of the money lost in an AI-assisted messaging scam targeting Italy’s Intesa Sanpaolo was later recovered, but around €36 million remains unaccounted for, according to sources.
The scheme began in February when then-Fideuram Chairman Paolo Molesini received what appeared to be a WhatsApp message from Intesa Sanpaolo CEO Carlo Messina requesting urgent assistance with an overseas transaction.
The fraudsters later followed up with a phone call that appeared to come from a senior partner at a major law firm and confirmed the request. According to sources, the callers used artificial intelligence to imitate the lawyer’s voice.
Believing the instructions to be genuine, Molesini directed Fideuram’s finance department to make a series of transfers to foreign bank accounts, mainly in China and Hong Kong, the sources said.
Intesa Sanpaolo and Fideuram declined to comment on the matter.
Fideuram detected irregularities in the transactions shortly afterwards and alerted banks and authorities in several countries. Cooperation between authorities in China, Portugal and Italy helped recover approximately €53 million, according to the sources.
The remaining funds have not been traced after reportedly moving through a network of overseas accounts and being converted into cryptocurrency.
Neither Molesini nor other Fideuram executives are under investigation, according to the sources. However, Milan prosecutors have reportedly opened an investigation into a foreign national living outside Europe on suspicion of computer fraud, one source said.
Molesini resigned as Fideuram chairman in March, citing personal reasons. The company did not provide further details about his departure at the time.
The incident follows a similar case last year in which fraudsters used AI-generated voice imitation of an Italian minister to persuade businessman Massimo Moratti to transfer nearly €1 million to an overseas account. The money was subsequently recovered.
