- The India reserve bank launches new areas .Bank.in and .Fin.in
- They will prove the authenticity of a banking website
- Digital fraud is increasing in the country
The Central Bank of India, the Reserve Bank of India (RBI), should introduce a whole new domain ‘.Bank.in’ in April 2025 to fight digital fraud (via PK Press Club).
The Governor of the Central Bank warned lenders against the increase in fraud in digital payments – the new area of the secure website hoped to eliminate dubious financial activity by proving authenticity.
In addition, a separate domain “.fin.in” should also be deployed for the country’s non -banking financial institutions, all in order to fight against increasing cases of fraud.
Indian banking areas launched to fight fraud
The Governor has confirmed that the Institute for Development and Research in Banking Technology (IDRBT) will be the only domain registrar for new areas .Bank.in.in.in, imposing strict controls on which can record them.
Updated areas will help users to distinguish between legitimate banking sites and legitimate banking sites. RBI Governor Sanjay Malhotra said the initiative would also help reduce cyber-men like phishing attacks, with which India has fought more than ever.
Fraudsters generally use slightly different domain names that may resemble the legitimate those, therefore having an exclusive set of trusted areas will help strengthen security. That said, threat actors could always use “typosquat” techniques, such as the exchange of the letter “I” by an “L”, so that Indian banking customers will always have to keep this in mind during Domaine verification in their address bar.
The other security measures employed by the India financial sector include the additional authentication factor (AFA) for national digital payments.
Malhotra summed up: “The sharp increase in digital fraud is a question of concern, justifying the action of all stakeholders.”
Detailed directives concerning new areas should be published separately by RBI.
