Swiss online trading platform Swissquote is under pressure from regulators due to the relentless rise of phishing attacks targeting its services.
Increase in Phishing Attacks on Yuh Platform
In the first half of 2025, over 600 fake websites impersonating Swissquote platforms and attempting to defraud users through fraudulent login portals were discovered. The Swiss Financial Market Supervisory Authority (FINMA) highlighted the Yuh platform, which features crypto trading, as a major target for scammers.
Impact of Fraud on Investors
According to cybersecurity firm CertiK, fraud losses in the crypto industry have already reached around $2.1 billion in 2025, primarily due to wallet compromises and phishing. This emphasizes the urgent need for users to remain vigilant.
Evolution of Fraud Schemes in the Crypto Industry
In 2025, scammers have shifted focus to deceiving users through social engineering attacks instead of manipulating code. In June 2025, crypto venture capitalist Mehdi Farooq disclosed he was a victim of a phishing attack that drained a significant portion of his savings.
The Swiss regulator demands that Swissquote take measures to protect users from phishing. The issue of fraud in the crypto industry continues to rise, and users are urged to be particularly cautious of potential threats.
