Swissquote Ordered to Boost Security Amid 600% Fraud Website Surge

Swissquote, a prominent online trading platform, has been directed by the Swiss Financial Market Supervisory Authority (FINMA) to intensify its efforts in curbing impersonation and fraud attempts. This directive comes in response to a notable increase in fraudulent activities targeting the platform's clients. The surge in malicious campaigns has been attributed to the advancements in artificial intelligence (AI), which have made it easier for fraudsters to launch sophisticated attacks.

In the first half of 2025, over 600 websites impersonating Swissquote platforms or attempting to defraud users through fraudulent login portals were discovered. The Yuh platform, which also features crypto trading, was cited as a major target of fraud campaigns perpetrated by scammers. Swissquote CEO Marc Buerki attributed the uptick in fraudulent activity to AI, which makes malicious campaigns easier to launch. The CEO also said that no internal systems were compromised by the fake websites.

FINMA highlighted the need for Swissquote to enhance its security measures in an annual assessment letter issued earlier this year. The letter emphasized the importance of reducing suspicious activities, which have been on the rise due to the increasing sophistication of fraudulent tactics. Swissquote's CEO, Marc Buerki, acknowledged the challenge posed by AI-driven fraud attempts, noting that the technology has significantly lowered the barrier for malicious actors to execute their schemes.

In response to the regulatory directive, Swissquote has been working on implementing stricter security protocols and improving its fraud detection systems. The company is focusing on leveraging advanced technologies to identify and mitigate potential threats more effectively. This includes enhancing its customer verification processes and employing machine learning algorithms to detect unusual patterns that may indicate fraudulent activity.

The directive from FINMA underscores the growing concern over cybersecurity in the financial sector. As digital platforms become more prevalent, the risk of impersonation and fraud attempts increases, necessitating robust security measures. Swissquote's proactive approach to addressing these challenges demonstrates its commitment to protecting its clients' interests and maintaining the integrity of its services.

The regulatory intervention serves as a reminder to other financial institutions about the importance of staying vigilant against evolving cyber threats. By taking proactive steps to enhance security, Swissquote aims to safeguard its clients from the growing menace of AI-driven fraud and ensure a secure trading environment. The company's efforts are expected to set a benchmark for other financial service providers in the region, highlighting the need for continuous improvement in cybersecurity measures.