Italy’s top bank hit by an AI messaging scam which cost it nearly €100 million

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Cybercriminals have tricked a major Italian bank into wiring more than $100 million abroad by targeting executives with AI-powered deepfakes. Some of the money has since been recovered, but a significant portion remains unaccounted for.

The target was Fideuram – Intesa Sanpaolo Private Banking, a very large Italian private-banking and wealth-management group owned by Intesa Sanpaolo. It cannot be considered a “normal” retail bank – its core business is managing investments and wealth for affluent and high-net-worth clients.

According to the latest figures, the bank has around $513.25 billion in assets under management (AUM), more than 7,100 private bankers, and more than $9.85 billion in net profit.

Citing two sources familiar with the matter, Reuters reported that the attack took place in February 2026, while the chairman was ​Paolo Molesini.

Molesini reportedly received a WhatsApp message that seems to have come from Carlo Messina, Intesa Sanpaolo Chief Executive Officer (CEO), who asked him to help with an urgent overseas transaction, to which the victim agreed. He was later contacted by someone claiming to be senior partner at a prominent law firm, to confirm the instruction. This person used AI tools to create a deepfake of the lawyer’s voice, tricking Molesini into thinking the request was authentic.