Fideuram loses €95 million in AI voice scam, €36 million converted to crypto

October 3, 2026 at 07:51 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Fideuram, the private banking arm of Intesa Sanpaolo, transferred about €95 million to accounts in mainland China, Hong Kong and elsewhere after an AI voice impersonation scam in February 2026. At least €36 million of the funds were later converted into cryptocurrency. Former Fideuram Chairman Paolo Molesini resigned on March 12, citing personal reasons.

Key Facts

Fideuram transferred approximately €95 million to accounts in mainland China, Hong Kong and other locations in February 2026.
At least €36 million of the transferred funds were converted into cryptocurrency after multiple overseas transactions.
Portuguese authorities froze an additional €13 million, and Fideuram recovered around €40 million.
Former Fideuram Chairman Paolo Molesini resigned on March 12, 2026, citing personal reasons.

The Fraud

The incident began when former Fideuram Chairman Paolo Molesini received a WhatsApp message impersonating Carlo Messina, chief executive of Intesa Sanpaolo Group. The message was followed by a phone call that used an AI-generated voice impersonating lawyer Paolo Nastasi. Molesini then instructed Fideuram's finance department to make the payments, leading to the transfer of approximately €95 million. The available information does not establish that the individuals whose identities were allegedly impersonated were involved in the transaction.

Fund Recovery

Fideuram recovered around €40 million of the transferred funds. Portuguese authorities 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.