Fideuram Hit by AI Voice Scam as at Least €36 Million Was Converted Into Crypto

Fideuram was targeted in an AI voice scam, with at least €36 million from overseas transfers later converted into cryptocurrency.

Fideuram, the private banking subsidiary of Intesa Sanpaolo, was targeted by an alleged AI-enabled impersonation scam in February 2026 that led to approximately €95 million being transferred to accounts in mainland China, Hong Kong and elsewhere, according to information reported by Italian media outlet Milano and shared by Wu Blockchain.

At least €36 million of the transferred funds were subsequently converted into cryptocurrency after multiple overseas transactions, while investigators continue to trace the money through international judicial cooperation.

The incident began when former Fideuram Chairman Paolo Molesini received a WhatsApp message impersonating Carlo Messina, chief executive of Intesa Sanpaolo Group, according to the report. The message was followed by a phone call that used an AI-generated voice impersonating lawyer Paolo Nastasi.

Fideuram Recovered Part of the Transferred Funds

Following the incident, approximately €95 million was transferred to accounts in mainland China, Hong Kong and other locations after Molesini instructed Fideuram's finance department to make the payments.

Fideuram around €40 million, according to the information shared by Wu Blockchain. Portuguese authorities also froze an additional €13 million.

The remaining funds included at least €36 million that were converted into cryptocurrency following multiple transfers across jurisdictions. Investigators are now tracing the movement of those funds as part of an international effort involving judicial authorities in different countries.

The use of cryptocurrency in the movement of part of the stolen funds adds another layer to an investigation that already involved transfers across multiple jurisdictions.

AI Impersonation Used in the Fraud

The reported sequence involved several forms of impersonation. Molesini first received a WhatsApp communication appearing to come from Messina before markets receiving a call featuring an AI-generated voice allegedly impersonating Nastasi.

The incident demonstrates how the reported fraud relied on digital communications and synthetic voice technology to impersonate senior figures and induce a financial transfer. The available information does not establish that the individuals whose identities were allegedly impersonated were involved in the transaction.

Fideuram is part of Intesa Sanpaolo, one of Italy's largest banking groups, making the reported incident significant in the context of financial fraud involving large cross-border transfers.

Molesini Resigned in March

Molesini was not investigated in connection with the case, according to the information shared by Wu Blockchain. He resigned as Fideuram chairman on March 12, citing “personal reasons.”

Investigators are continuing to trace the funds, including the cryptocurrency portion, through international judicial cooperation. The investigation therefore remains focused on following the movement of money across the jurisdictions involved in the transfers.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.