Swissquote Faces Regulator Scrutiny Over Cybercrime Threats

Swiss financial regulator Finma has urged Swissquote, the country‘s leading online broker, to strengthen its systems against rising cyber threats and fraudulent activity. The warning was included in the regulator’s latest oversight communication, which cited a concerning increase in impersonation scams, phishing attacks, and data breaches targeting financial platforms.

Finma Pushes for Tighter Oversight

Finma reportedly directed Swissquote to reduce the volume of cases it refers to Switzerland‘s money laundering reporting office, suggesting the platform improve internal controls and early detection mechanisms. The regulator paid special attention to the firm’s mobile banking app Yuh, jointly operated with PostFinance AG.

According to Swissquote CEO Marc Buerki, the rise of artificial intelligence tools has contributed to a surge in fraud attempts. “The amount of attacks and fraud attempts on our systems has particularly increased with the rise of AI,” Buerki told Bloomberg. “We had to take action against more than 600 websites impersonating Swissquote or using fake login pages so far in 2025.”

Many of these fraudulent sites originate from outside Switzerland, complicating enforcement efforts and requiring cross-border coordination to shut them down.

Cyber Threats on the Rise Across the Sector

Finmas concerns reflect broader risks in the Swiss financial sector. The regulator noted a 30% year-on-year increase in reported cyber incidents, including cases where attackers gained partial or full access to sensitive systems.

Recent incidents highlight the urgency. In June, over 130,000 UBS employee records were leaked online following a breach at a third-party vendor, Chain IQ. The incident underscored the growing vulnerabilities in supply chain cybersecurity and the ripple effects on regulated institutions.

Scrutiny Widens as Digital Finance Expands

Swissquotes success in recent years—driven by its crypto offerings and competitive trading fees—has elevated its market position. The company now surpasses traditional firms like Vontobel and EFG International in market capitalization. However, with success comes increased regulatory attention, especially as more financial activities shift online.

Cybersecurity concerns are not limited to Switzerland. European regulators, including the European Central Bank, have raised red flags over insufficient cyber resilience in several banking institutions. Data breaches at ABN Amro and Banco Santander, both stemming from external vendors, have further heightened awareness.

As digital platforms attract more retail and institutional investors, regulators are pressing firms to enhance their defenses. The Finma warning to Swissquote serves as a reminder that strong technology infrastructure and proactive fraud detection are no longer optional—they are foundational to maintaining trust and regulatory compliance.