The instructive story of a 34 billion forint phone call

In February 2026, Paolo Molesini, president of Fideuram, received a fraudulent WhatsApp message impersonating the CEO of Intesa Sanpaolo, requesting assistance with a large foreign transfer. Following a phone call from a supposed lawyer, Molesini authorized a transfer of €95 million, believing it to be legitimate. However, the transactions were later flagged as suspicious, leading to the recovery of €53 million, while approximately €36 million became untraceable after being converted to cryptocurrency. Molesini resigned in March without explanation, and Milan prosecutors are investigating the cybercriminals behind the AI-generated scam. This incident highlights the growing financial threats posed by AI-generated models.