Sources say cybercriminals used AI to impersonate a law firm partner and convince the private bank’s chairman that the request came from Intesa Sanpaolo’s CEO.
As AI systems become more capable, scammers are finding new ways to profit from them. Social engineering tactics have carried over into this space, and in some cases senior executives have lost their positions as a result.
The latest victim is Paolo Molesini, chairman of the private bank Fideuram. Sources familiar with the matter say he was the target of an elaborate fraud that began in February 2026. He stepped down shortly afterward, and the bank is now trying to claw back the money the hackers took.
For context, Fideuram is the private banking side of Intesa Sanpaolo, which is Italy’s largest bank and one of the biggest in all of Europe. Like other private banks, it looks after clients who have a lot of money and a fairly high profile.
The sources said Molesini first got a WhatsApp message that appeared to be from Intesa Sanpaolo CEO Carlo Messina, who seemed to be asking for help with a large transaction abroad. Afterward, Molesini received a call from a senior partner at a major law firm.
But no real person was on that call. Sources confirmed that the criminals used AI to clone the lawyer’s voice, which persuaded Molesini that the earlier request had genuinely come from his boss at Intesa Sanpaolo.
Fideuram was instructed to proceed with the transaction and transferred a total of €95 million, around $108 million, to several accounts in other countries, including China and Hong Kong. The bank’s team later noticed irregularities in the transfers and notified the banks that had received the funds.
Fideuram was eventually able to recover €53 million with the help of local authorities and banks in Italy, Portugal and China. The remaining money was apparently lost after moving through a complex network of overseas accounts and being converted into an undisclosed cryptocurrency.
Molesini resigned in March and never really said why. This incident might be the answer to why he walked away from such a well-paid job at Fideuram. And since it’s a private bank, its wealthy clients get their own personal broker to look after their money.
The Fideuram incident shows that AI models have become a major security risk and could lead to serious financial losses. Prosecutors in Milan are trying to identify those responsible for the AI-generated heist. One person residing outside the European Union is reportedly under investigation for computer fraud.
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