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.
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.
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.
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 post is originally published on FINANCEMAGNATES.
