Indian banks gain a new scope to combat fraud.
New .bank.in and .fin.in domains will be launched as part of an effort to enhance security.
The Reserve Bank of India (RBI) is preparing to launch new '.bank.in' and '.fin.in' domains in April 2025, as part of a strategy to combat the rising digital fraud in the country. This initiative is expected to help verify the authenticity of banking websites and reduce fraudulent financial activity.
The governor of the RBI has expressed concern over the increase in fraud related to digital payments and highlighted the importance of these new domains for enhancing security in the financial environment. Along with the domain for banks, the '.fin.in' domain will also be implemented for non-banking financial institutions, aiming to address the growing problem of fraud in the sector.
The management of these domains will be solely handled by the Institute for Development and Research in Banking Technology (IDRBT), which will establish strict controls over who can register them. This will enable users to differentiate them from fraudulent sites, as scammers often use domain names that are similar to legitimate ones.
Governor Sanjay Malhotra has indicated that this measure will not only help distinguish between real and fraudulent sites but will also aim to mitigate cyber threats such as phishing attacks, which have increased in the country. Although the new system will help, customers remain responsible for verifying the authenticity of domains, as scammers may use techniques like typosquatting, which involves modifying letters in domain names.
Additionally, the financial sector in India is implementing other security measures, such as the Additional Factor of Authentication (AFA) for digital payments. Malhotra emphasized that the increase in digital fraud requires a collective response from all stakeholders in the sector.
The RBI is expected to issue detailed guidelines on the new domains in the near future.