Investigation Into €95 Million AI-Driven Fraud Targeting Italian Private Bank Fideuram

Attackers used a method known as CEO fraud to impersonate executives and pressure staff into unauthorized transfers. In February 2026, then-Fideuram president Paolo Molesini received a WhatsApp message from an individual posing as Intesa Sanpaolo CEO Carlo Messina. The attackers used AI voice cloning to mimic a lawyer from a law firm. This mimicry provided false confirmation for the requested transactions. The fraud resulted in the transfer of 95 million euros to accounts in China and Hong Kong. Paolo Molesini resigned as president of Fideuram in March 2026. Molesini cited personal reasons for his resignation. Financial institutions face risks from synthetic media. Authorities in China, Portugal, and Italy are cooperating on the recovery of the funds.

The Fideuram incident, which was not publicly reported until September 2026, occurred amidst a broader global surge in AI-related security breaches and unauthorized system intrusions.

1. Authorities recovered €53 million of the stolen funds. Italian, Chinese, and Portuguese officials cooperated to facilitate the return. This recovery reduces the total financial loss.

2. The Milan prosecutor's office opened a formal investigation into the incident. Investigators are focusing on a non-European foreign national. Prosecutors initiated this inquiry to identify those responsible.

3. No bank executives face investigation regarding the fraud. Capital.fr reports that the investigation targets a foreign national residing outside Europe.

4. The Milan prosecutor's office opened a computer fraud investigation into a non-European resident. Investigators recovered approximately €53 million during the case.

1. Investigators report that €36 million of the stolen funds remain missing. Authorities believe the perpetrators converted these assets into cryptocurrencies. This conversion complicates recovery efforts. The missing amount represents 38% of the €95 million stolen.

2. Attackers used AI voice cloning to imitate a senior partner at a law firm. That partner confirmed the request, and the president of Fideuram ordered multiple transfers.

3. Paolo Molesini resigned as president of Fideuram in March 2026. The resignation occurred one month after the fraud. Molesini cited personal reasons for his departure. He had ordered the transfers. Sources do not link the resignation to the fraud.

4. The fraud used a variation of 'CEO fraud,' a scheme relying on psychological pressure. Le Revenu reported that Fideuram was the first Italian bank targeted by an AI-based scam.