Swiss regulators ordered online trading platform Swissquote to take stronger action against a wave of phishing and impersonation scams targeting its users, particularly those on its finance app, Yuh.
According to Bloomberg, more than 600 fake websites mimicking Swissquote services or redirecting users to fraudulent login pages were identified in just the first half of 2025. The Swiss Financial Market Supervisory Authority (FINMA) has flagged the Yuh platform as a key target for these attacks.
Swissquote CEO Marc Buerki linked the rise in scam activity to the use of artificial intelligence, which has made it easier for fraudsters to build convincing fake websites and launch large-scale phishing campaigns. However, he stressed that the company’s internal systems have not been compromised.
The Swiss online bank reported net revenues of CHF 655 million and a pre-tax profit exceeding CHF 345 million, in the first half. As of December 2024, client assets reached a record high of CHF 76 billion, out of which CHF 8.3 billion in new money it attracted in 2024.
The bank, based in Gland, western Switzerland, said its mobile finance app Yuh also showed strong growth, with accounts up 58.9% to more than 235,000 and client assets doubling to CHF 2.0 billion.
FINMA has not publicly detailed what specific actions Swissquote must take, but the message is clear: more needs to be done to protect users.
The warning comes as the broader crypto space faces an uptick in phishing and social engineering scams. Data from blockchain security firm CertiK shows that onchain scams and hacks already caused around $2.1 billion in losses in 2025. The majority of these losses stem from wallet compromises and phishing, often through increasingly sophisticated methods like impersonation, fake websites, and fraudulent support contacts.
Swissquote isn’t alone in being targeted. In April, an elderly victim lost $330 million in what investigators say was one of the largest social engineering thefts in crypto history. Even crypto insiders haven’t been spared — in June, venture capitalist Mehdi Farooq revealed he lost most of his savings to a phishing attack.
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