Highlights from the Inaugural Trust Circle Event in Milan

On Wednesday, March 4th 2026, Trustfull hosted the inaugural Trust Circle event at The Wilde Members' Club in Milan, an exclusive gathering for sector experts and decision-makers in fraud prevention and risk management.

The evening featured various networking opportunities as well talks from Sky TG24 journalist Lorenzo Borga, whose likeness was used in deepfake videos to promote an investment scam, and Trustfull’s Margherita Maspero, who explained why Fraud Agents are among the most promising advancements in the fight against rising fraud.

How AI Is Rewriting the Rules of Trust

Lorenzo Borga opened his speech with a personal experience that illustrates how difficult it is becoming to distinguish what is real from what is not.

In November 2024, his face and voice were used in a deepfake video promoting a fake investment platform allegedly created by Fabio Panetta and entrepreneur Massimo Moratti. The video quickly reached more than 70,000 views and, despite repeated reports flagging it as fraudulent, it is still circulating online.

Starting from this episode, Borga expanded the discussion to a wider ecosystem of scams that rely on the same dynamics. From deepfake investment schemes to romance scams and sophisticated social engineering, fraudsters increasingly combine advanced technology with psychological manipulation, making deception appear much more credible.

The implications of the new status quo go well beyond individual scams. Misinformation and disinformation, cybersecurity threats and the unintended consequences of artificial intelligence are increasingly recognized as major global risks, both in the short term and over the coming decade.

Borga also drew an interesting parallel between the work of journalists and that of fraud prevention professionals: both operate in environments where truth is increasingly difficult to verify. 

The speech concluded with a clear message: in an era shaped by AI-generated content, relying on traditional signals of authenticity is becoming less and less sufficient.

The Rise of Fraud Agents

Following Borga’s testimony, Trustfull’s Margherita Maspero presented key highlights from the newly released The Rise of Fraud Agents report.

The report predicts that an impact similar to what AI agents are having across other industries is to be expected also in fraud prevention. In software development, for example, autonomous agents have cut code production times in half, while in customer service it is estimated that by 2029 most requests will be handled by this type of agents. Significant impacts are also already visible in B2B sales, travel, e-commerce, as well as in medicine and diagnostics.

Fraud Agents are intelligent, always-on assistants that collect and analyze data in real time from diverse sources to build comprehensive risk assessments. They learn over time, suggest improvements to defense processes, and provide clear explanations for their decisions by leveraging Large Language Models (LLMs).

Trustfull has developed a suite of Specialized Fraud Agents, each dedicated to a specific task, including risk analysis of:

• Emails
• Phone numbers
• IP addresses

They can also verify the digital presence of businesses or websites, detect manipulated documents, and identify suspicious web sessions.

These agents can operate autonomously or collaboratively, working together to tackle specific types of fraud under specialized models, ranging from New Account Fraud and Account Takeover to Refund Fraud and Bonus Abuse.

In our view, the rise of Fraud Agents and expert Risk Models represents a true paradigm shift. 

Download the Full Report

The Trust Circle: What's Next

The idea behind The Trust Circle was never to create a one-off event, but to bring together a community of professionals who can exchange perspectives, experiences and insights on how fraud and digital trust are evolving.

Following the overwhelmingly positive response to this first edition, a second event is already in the works, together with initiatives to extend the network beyond Italy into other key European markets.

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