AI scam: As AI models become more complex and powerful, fraudsters are also expanding their business opportunities. Social engineering techniques have completely taken root in this new wild AI world, and senior executives are losing their jobs as a result.
Sources familiar with the matter have uncovered another case involving a manager who lost his high-paying position due to an AI-based scam.
Paolo Molesini, chairman of the private banking institute Fideuram, was the target of a complex fraud scheme that began in February 2026. Molesini resigned from his position shortly afterwards and the bank is still trying to recover the entire amount stolen by cybercriminals.
Fideuram is the private banking arm of Intesa Sanpaolo, Italy’s largest bank and one of the largest banking institutions in Europe. Like other private banks, the organization provides services to high-profile clients with significant financial assets. According to the sources, Molesini initially received a WhatsApp message that appeared to be from Intesa Sanpaolo CEO Carlo Messina.
Messina apparently asked Molesini for help with a large foreign transaction. After the initial message, Fideuram’s chairman received a call from a senior partner at a large law firm. However, there were no humans behind the call: the sources confirmed that cybercriminals used AI models to imitate the lawyer’s voice, convincing Molesini that the original request for help had actually come from his “boss” Messina at Intesa Sanpaolo.
Fideuram was instructed to proceed with the transaction. The bank transferred a total of 95 million euros (around $108 million) to a number of accounts abroad, including China and Hong Kong. However, Fideuram’s team noticed anomalies in the transactions and alerted the banks to which the money had been transferred.
Thanks to local authorities and banking institutions in Italy, Portugal and China, Fideuram was ultimately able to recover €53 million from the fraudulent transactions. The remaining amount was apparently lost after passing through a complex network of foreign accounts and was eventually converted into an undisclosed cryptocurrency.
Molesini resigned from his position in March without giving a specific reason for his decision. The newly revealed incident may explain why the manager left his high-paying position at Fideuram. As a private bank, the institution provides its wealthy customers with a private broker who personally manages their financial needs.
The Fideuram incident highlights how AI models have become a significant security threat and a potential financial disaster. Milan-based prosecutors are now trying to identify the suspected cybercriminals behind the AI-generated heist. A person living outside the European Union is reportedly being investigated for computer fraud.
