How an AI Voice Impersonation Helped Trigger €95 Million in Fideuram Transfers

In February 2026, fraudsters used a fake WhatsApp message and an AI-cloned voice to make an urgent transfer request appear credible. Fideuram’s then-chairman, Paolo Molesini, instructed the bank to send about €95 million overseas. Reports say around €36 million remains missing, but they do not agree on the exact amount recovered. 1314

How the impersonation worked

The fraud began with a WhatsApp message that appeared to come from Intesa Sanpaolo CEO Carlo Messina and sought help with an urgent overseas transaction. A later phone call impersonated lawyer Paolo Nastasi using an AI-cloned voice. Molesini then directed transfers, mainly to accounts in China and Hong Kong. 13

The reporting identifies Nastasi as the person impersonated in the call; it does not establish that he was involved. It also identifies the lawyer’s voice as cloned, but does not show that Messina’s voice was cloned. 314

How much was recovered—and what remains missing?

Reports put the transfers at about €95 million and the outstanding loss at roughly €36 million. Subtracting those figures suggests around €59 million was recovered or otherwise accounted for. However, another report explicitly puts the recovered amount at about €53 million. The figures therefore do not reconcile across the available reporting, and the recovered total should be treated as approximate. 1315

The missing funds have reportedly been converted into cryptocurrency, making them harder to trace. Reports describe international cooperation to recover money, but the available accounts do not provide a clear, current update on charges or the investigation’s outcome. 314

What the case shows about payment verification

The scam combined two familiar trust signals: a message attributed to a senior executive and a call that appeared to come from a known professional contact. Neither a familiar name nor a convincing voice is sufficient proof that a high-value payment request is genuine.

For unusual or urgent transfers, verify the request through a separate contact channel using a number already on file—not a number provided in the message or call. Use established payment controls, including a second approver for large or new overseas transfers. 6