Paolo Molesini, then chairman of Fideuram, authorized €95 million (about $108 million) in transfers after receiving a WhatsApp message and an AI‑cloned voice posing as a lawyer. Authorities recovered more than half the funds; the rest was reportedly routed through overseas accounts and converted into cryptocurrency. Milan prosecutors are probing a foreign national suspected of computer fraud, and regulators warn that voice‑cloning scams are an increasing threat. The FTC advises verifying urgent payment requests via trusted contact details rather than by the caller.
Bank Chairman Tricked by WhatsApp and AI 'Lawyer' Voice in €95M Scam — Over Half Recovered
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Paolo Molesini, then chairman of Fideuram — the private banking arm of Intesa Sanpaolo — approved transfers totaling €95 million (about $108 million) after receiving a WhatsApp message that appeared to come from his bank group's CEO and an AI‑generated imitation of a lawyer's voice, Reuters reported.
How the Scam Unfolded
The scheme began in February, when Molesini received a message and follow-up calls that made the payment request appear urgent and legitimate. A caller claiming to be a senior partner at a prominent law firm used a voice that sources say was an imitation, reinforcing the instructions and persuading Molesini to direct his finance team to execute multiple transfers.
Most of the funds were sent to bank accounts in China and Hong Kong. Fideuram later detected irregularities and contacted correspondent banks and law enforcement. Authorities in China, Portugal and Italy coordinated recovery efforts and succeeded in reclaiming more than half of the money; the remainder was reported to have moved through overseas accounts and into cryptocurrency and remains untraced.
Investigations and Aftermath
Milan prosecutors have been reported to be investigating a foreign national living outside Europe on suspicion of computer fraud. Molesini resigned in March, citing personal reasons; Fideuram and Intesa Sanpaolo declined to comment to Reuters. Sources told reporters that neither Molesini nor other Fideuram executives were the subjects of an investigation.
Context: Growing Use of Voice Cloning and Impostor Tactics
The incident echoes an earlier Italian case in which scammers used a cloned voice of a government minister in 2025 to persuade businessman Massimo Moratti to transfer nearly €1 million overseas; those funds were later recovered.
The U.S. Federal Trade Commission (FTC) warns that criminals increasingly use voice cloning and impersonation—posing as lawyers, police officers or doctors—to make emergencies seem credible. Scammers often insist urgency and secrecy, discouraging victims from verifying requests independently.
Practical Precautions
The FTC recommends verifying any urgent payment request by contacting the person directly using a trusted phone number or by contacting another known colleague or family member. For workplace requests, reach out to the colleague on their usual number or contact the adviser through official firm channels rather than accepting a reassurance call from an unverified source.
Though Reuters did not detail every verification Fideuram performed before the transfers, the case illustrates how even an apparent follow-up check can be controlled by scammers and therefore offers limited protection.
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