Fake Bonds: The Visenta Case

In this article, we address a crucial topic for anyone who needs to present guarantees in sensitive contexts: fake bonds (fideiussioni). We will analyze the Visenta case in detail, an episode that exposed a sophisticated fraud mechanism, while providing practical tools to protect yourself and recognize warning signs.

What Happened: The Visenta Case

At the beginning of 2025, IVASS – the Institute for the Supervision of Insurance – issued an official warning regarding the marketing of counterfeit surety bonds. These policies were issued in the name of “Visenta Insurance Company Ltd” and “Visenta Försäkringsaktiebolag.”

The company Visenta actually exists and is based in Sweden, where it is supervised by the local authority (Finansinspektionen – FI)

It is authorized to operate in Italy under the Freedom to Provide Services (LPS) regime, including surety insurance.

However, the company operates in Italy exclusively as a “captive” of the Outokumpu group.

This means that, by statute, it offers insurance services only to companies within the group and not to third parties.

The fraudsters exploited this specific characteristic—the absence of a public website, a registered domain, and a brand for the open market—to create a fraud infrastructure.

Fake websites (such as https://visenta-insurance.com/) and bogus PEC (Certified Email) addresses (visenta@legalmail.it and cauzioni.visenta@legalmail.it) were reported that are not traceable to the legitimate Swedish company.

How to Verify a Surety Bond

To avoid falling victim to a scam, the verification of a surety bond must be rigorous. A “due diligence” approach is essential, especially when dealing with a foreign or lesser-known company.

It is vital not to blindly trust seemingly perfect documents and always check before accepting a policy. A good practice is to contact the company directly using its official contact details, which can be found on the supervisory authorities’ websites, and not those listed on the policy itself.

It is also advisable to contact the Chief Executive Officer to obtain written confirmation of the documents’ authenticity.

Checklist: How to Recognize a Genuine Policy

To help you identify an authentic policy, here is a practical checklist:

• Verification of the Issuing Company: The company must be authorized to operate in Italy and registered in the official lists of IVASS or the Bank of Italy. Check if the company is a “captive” and does not offer policies to third parties.
• Dettagli della polizza: Esamina attentamente il documento. Una polizza autentica deve riportare dati specifici e verificabili, come la denominazione completa della compagnia, il numero di iscrizione all’albo IVASS e a quello del paese d’origine, l’importo garantito, la durata, le condizioni di escussione, la firma del rappresentante legale e il timbro della compagnia.
• Verification with Competent Authorities: In addition to IVASS, it is advisable to send a formal request for verification to the regulatory body of the company’s country of origin.
• Beware of Prices That Are Too Low: A cost significantly lower than market standards is a clear signal of fraud. Valid policies have costs proportional to the guaranteed amount and require a thorough financial assessment.
• Required Documentation: Be suspicious if very few documents are requested for issuance, unlike what a genuine company would require to assess risks.
• Issuance Channels: Counterfeit policies are often promoted through fake websites, emails, and intermediaries. Carefully check that the contact details and website match the company’s official and verifiable ones.
• Official Warnings: IVASS regularly publishes warnings about detected frauds on its website.

Why It’s Important: Risks for Businesses and Individuals

Presenting a fake bond, even in good faith, can lead to serious consequences.

Companies that use these false guarantees risk exclusion from tenders and forfeiture of the provisional deposit.

Do you want to participate in a tender with secure and recognized guarantees? Discover how legitimate provisional bonds work.

Furthermore, the use of false documents can lead to criminal charges.

To protect yourself from legal problems and comply with contractual obligations, rely on a regular definitive bond.

What If You Suspect a Scam

If you suspect you have been a victim of a scam, it is crucial to act quickly.

1. Gather Evidence: Keep all documentation, including contracts, emails, and bank transfer receipts.
2. Notify IVASS: Immediately contact the Institute for the Supervision of Insurance via the Consumer Contact Center at the toll-free number 800-486661.
3. Consult a Lawyer: A specialized professional can help you understand the legal risks and take the necessary actions to protect yourself and recover any sums paid.

A Growing Criminal Phenomenon

The Visenta case is part of a much wider criminal phenomenon. Recent investigations estimate that hundreds of millions of euros worth of fake bonds are circulating in Italy.

The scams rely on two promises that should raise an alarm: an extremely low price and immediate policy issuance with minimal document requests.

A fake bond is, in essence, a non-existent guarantee, which can expose your company to legal and financial risks of enormous magnitude. For this reason, verification is not just common sense—it is essential protection.