The Fideuram AI Voice Scam: How Fraudsters Induced €95 Million in Transfers

Fraudsters reportedly used two trusted identities to induce Fideuram to transfer about €95 million overseas: Intesa Sanpaolo CEO Carlo Messina in a WhatsApp message and lawyer Paolo Nastasi in a phone call using an AI-generated voice imitation. The transfers began in February 2026, when Paolo Molesini was Fideuram’s chairman. About €36 million remains missing, but reports do not agree on the amount recovered. 159

How the reported scam worked

The scheme began with a WhatsApp message that appeared to come from Messina, chief executive of Intesa Sanpaolo, Fideuram’s parent group. It reportedly asked Molesini for urgent help with an overseas transaction. A follow-up phone call used an AI-generated imitation of Nastasi’s voice, reinforcing the impression that the request was genuine. Molesini then instructed staff to make transfers totaling about €95 million. 15

The case has been reported as fraud, not as a finding that Molesini knowingly participated. Reports say he believed the request was authentic. 19

How much was recovered—and what remains missing?

Reuters reported that more than half the money was recovered and that roughly €36 million remained missing. Other accounts put the recovered amount at about €53 million, so published figures do not give a consistent recovery total. 1215

Reports say the missing funds moved through foreign accounts and were converted into cryptocurrency. Investigators were still trying to trace the money. 217

What the bank and investigators did

Fideuram detected irregularities and alerted banks and authorities, according to reporting on the case. Investigators pursued the funds across borders; reports describe cooperation with authorities abroad as part of efforts to recover money. 4

Neither Molesini nor other Fideuram executives were reported to be under investigation. Reuters-based reporting said Milan prosecutors had placed a foreign national living outside Europe under investigation on suspicion of computer fraud. 9

Intesa Sanpaolo and Fideuram declined to comment publicly, Reuters reported. Molesini resigned as chairman in March 2026, citing personal reasons. The reporting does not establish that his resignation was caused by the fraud. 913

How it compares with the Massimo Moratti scam

The Fideuram case was also compared with an earlier scam targeting Italian businessman Massimo Moratti. The reported common tactic was using an AI-imitated voice to make a fraudulent request sound credible. Available reports provide limited detail about the earlier case, so a more exact comparison is difficult to establish from the information published here. 1