Italian private banking giant Fideuram was hit by an AI-enabled voice fraud in February 2026, with at least €36 million ultimately converted into cryptocurrency after a series of overseas transfers. According to Techub News, former chairman Paolo Molesini received a WhatsApp message impersonating the CEO of Intesa Sanpaolo Group and then a phone call using an AI-generated fake lawyer’s voice. He then instructed the finance department to send funds to accounts in mainland China, Hong Kong and other locations, with the initial transfers totaling about €95 million. Fideuram later recovered around €40 million, while Portuguese authorities separately froze another €13 million. Even so, investigators said at least €36 million was still moved through multiple cross-border transfers and exchanged into crypto. Authorities are now tracing the funds through international judicial assistance. The report also said Molesini is not under investigation and resigned as chairman on March 12 for 「personal reasons」.
Italian private banking giant Fideuram was targeted in an AI-enabled telecom fraud in February 2026, with at least €36 million later converted into cryptocurrency after multiple overseas transfers, according to Techub News.
The report said former chairman Paolo Molesini first received a WhatsApp message impersonating the CEO of Intesa Sanpaolo Group. He then received a phone call that used artificial intelligence to fake a lawyer’s voice. After that, he instructed the finance department to transfer funds to accounts in mainland China, Hong Kong and other locations. The initial amount sent was about €95 million.
Fideuram later recovered around €40 million, and Portuguese authorities separately froze another €13 million. Even so, at least €36 million was still exchanged into crypto after a series of cross-border transfers. Investigators are tracing the funds through international judicial assistance.
The report added that Molesini is not under investigation. He resigned as chairman on March 12 for 「personal reasons」.
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