Swiss financial institution Swissquote has been directed by the Swiss Financial Market Supervisory Authority (FINMA) to enhance security protocols for its crypto platform, Yuh, following an increase in AI-powered phishing and impersonation attempts targeting users.
The cryptocurrency sector globally continues to battle sophisticated phishing schemes, which have reportedly caused approximately $2.1 billion in losses through tactics like fraudulent websites and social engineering lures.
High-profile incidents include a $330 million theft via social engineering, underscoring vulnerabilities across crypto platforms and highlighting the critical need for ongoing consumer security education.
Security authorities advocate for multi-factor authentication and similar protective measures to mitigate risks and safeguard user holdings from emerging threats.
Swissquote’s regulatory intervention highlights broader industry challenges in countering evolving fraud techniques and maintaining ecosystem trust.