Swissquote has come under pressure from Switzerland’s financial regulator to improve its handling of suspicious activity following a sharp rise in fraud attempts and cyber attacks, Bloomberg reported.

Finma issued the warning earlier this year, citing a need for stronger controls amid a growing wave of impersonation scams and data threats.

The directive was included in Finma’s annual oversight letter, which told the online trading platform to reduce the number of cases it refers to the country’s money laundering reporting office.

Swissquote CEO Marc Buerki confirmed the request and said regulators had paid particular attention to the company’s Yuh mobile app, which runs in partnership with PostFinance AG.

“The amount of attacks and fraud attempts on our systems has particularly increased with the rise of AI,” Buerki commented for Bloomberg. In 2025 so far, “we had to take action against more than 600 websites impersonating Swissquote or using fake login pages.”

Over 600 Fraudulent Sites Linked to Swissquote This Year

According to Buerki, more than 600 websites impersonating Swissquote or using fake login pages have been identified so far in 2025. He noted that many of the attacks are launched from outside Switzerland, making them more difficult to block.

Finma has repeatedly warned that cybercrime poses increasing risks to Switzerland’s financial sector. Reports of successful or partially successful cyber attacks have risen 30% year-on-year, according to the regulator.

The warning to Swissquote follows several high-profile breaches in the region. In June, data belonging to over 130,000 UBS employees was leaked on the darknet after a cyber attack on Chain IQ, a third-party vendor.

Broader Regulatory Concerns Across Europe

Cybersecurity concerns extend beyond Switzerland. The European Central Bank has also flagged weaknesses among some European banks. Last year, ABN Amro and Banco Santander both experienced data leaks following supplier-related breaches.

Swissquote, one of Europe’s best-performing stocks over the past decade, rose to prominence with its early push into crypto trading and low-fee offerings. Its market value now exceeds that of older Swiss banking firms, including Vontobel and EFG International.

Despite its growth, the company now faces increased scrutiny as regulators focus more closely on financial firms’ ability to manage emerging digital threats.

This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More

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