Swiss Financial Regulator Urges Swissquote to Enhance Anti-Fraud Measures

According to PANews, Swiss financial authorities have issued a warning to Swissquote Bank, urging the institution to bolster its defenses against phishing and fraudulent transactions. Reports indicate that over 600 websites mimicking Swissquote Bank or using fake login pages were identified in the first half of the year. The Swiss Financial Market Supervisory Authority (FINMA) highlighted that Swissquote's cryptocurrency trading app, Yuh, has become a prime target for scammers, necessitating stronger measures to mitigate such threats. Swissquote CEO Marc Buerki acknowledged the surge in fraudulent attempts, attributing it to recent advancements in artificial intelligence technology. Despite these challenges, Buerki assured that Swissquote's systems remain uncompromised.