AI Voice Scam Tricks Italian Bank Into Transferring €95 Million

An AI voice scam reportedly helped fraudsters persuade Italian private bank Fideuram to transfer approximately €95 million to overseas accounts. The attackers impersonated senior figures using fake messages, documents and a phone call. Around €36 million reportedly remains missing.

Fraudsters Impersonate Bank Chief and Lawyer

The scheme began in February when Paolo Molesini, then chairman of Fideuram, received a WhatsApp message requesting urgent assistance. It appeared to come from Carlo Messina, chief executive of Fideuram’s parent company, Intesa Sanpaolo.

The message concerned an overseas transaction. Afterwards, Molesini received a call from someone claiming to be Paolo Nastasi, managing partner of A&O Shearman Italy.

The caller assured him that the transaction was legitimate. However, Nastasi had no involvement in the fraud.

According to sources cited by Reuters, the scammers used artificial intelligence to replicate the lawyer’s voice.

Fake Documents Support the Transfer Requests

Alongside the call, the attackers sent Molesini 11 documents to support their story. These included a confidentiality agreement and an apparent special power of attorney bearing Messina’s signature.

As a result, Molesini requested several transfers to foreign accounts, mainly in China and Hong Kong. Together, the transfers amounted to roughly €95 million.

Fideuram subsequently detected irregularities and alerted banks and authorities across several countries.

Authorities Recover Millions After AI Voice Scam

Authorities in China, Portugal and Italy cooperated to recover approximately €53 million, according to the report. Separately, the reported amount still missing stands at around €36 million.

Those figures do not fully account for the original €95 million transferred.

Reuters reported that the missing funds had passed through overseas accounts and into cryptocurrency, complicating efforts to trace them.

Meanwhile, Milan prosecutors are investigating a foreign national living outside Europe on suspicion of computer fraud. None of the Fideuram executives are under investigation.

Prosecutors Examine Similar Impersonation Cases

Italian news agency ANSA reported that prosecutors are also examining similar fraud cases. These include an allegedly identical scheme targeting a non-banking company within the BPER Group.

That scheme also used the lawyer’s name.

Separately, scammers impersonated Italian Defence Minister Guido Crosetto in 2025 to target prominent business figures. Their targets included fashion designer Giorgio Armani and Prada co-founder Patrizio Bertelli.

Former Inter Milan owner Massimo Moratti transferred nearly €1 million after falling victim to that scam. However, authorities later recovered his money.