Source URL: https://tech.slashdot.org/story/25/02/07/1335247/india-to-launch-new-domain-name-for-banks-to-fight-digital-fraud?utm_source=rss1.0mainlinkanon&utm_medium=feed
Source: Slashdot
Title: India To Launch New Domain Name For Banks To Fight Digital Fraud
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Summary: India’s central bank is launching a new “.bank.in” domain for banks to mitigate the rise of digital payment fraud and enhance trust in online banking. This initiative is part of a broader effort to reinforce cybersecurity in the financial sector, highlighting the need for secure digital transactions.
Detailed Description: The report details a significant move by the Reserve Bank of India (RBI) to tackle the increasing threats of digital payment fraud. This initiative underscores the rising challenges to cybersecurity within the banking sector and presents several noteworthy points:
– **Introduction of Exclusive Domains**: The RBI will introduce the “.bank.in” domain for banks and a separate “fin.in” domain for non-bank financial institutions starting April 2025. This is aimed at improving the security measures around digital banking and financial services.
– **Cybersecurity Concerns**: RBI Governor Sanjay Malhotra emphasized the alarming prevalence of fraud in digital payments, which has become a pressing issue in the online banking landscape. The move to specialized domains reduces vulnerabilities associated with generic domain usage.
– **Reducing Cyber Threats**: The new domain structure is expected to enhance the security framework of the financial sector, making it more resistant to cyber threats such as phishing attacks, which have been exacerbated by the rapid shift to digital payment systems.
– **Building Trust**: By implementing these changes, the RBI aims to bolster consumer trust in online banking, which is critical for the adoption and growth of digital finance solutions.
This initiative not only addresses immediate cybersecurity threats but also sets a precedent for governance and compliance in the financial technology landscape, relevant to security and compliance professionals monitoring the ramifications of digital transformation in banking.