The Reserve Bank of India (RBI) is set to introduce exclusive internet domains for financial sector participants, including banks and non-banking entities, to enhance cybersecurity.
Indian banks will be assigned a ‘bank.in’ domain, while non-bank entities will receive a ‘fin.in’ domain.
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In a statement, the banking regulator said: “This initiative aims to reduce cyber security threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services.”
Registrations for these exclusive domains will commence in April.
The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for these domains.
Digital Lenders Association of India CEO Jatinder Handoo, as reported by Business Standard, said: “RBI Governor’s emphasis on rising cyber threats and digital risks underscores the importance of strengthening financial sector resilience. The introduction of the ‘fin.in’ domain for financial institutions is a proactive step in securing the digital ecosystem.”
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By GlobalDataThe move follows a rise in banking frauds, as reported by the RBI.
In the first half of the fiscal year 2024-25, banking fraud cases surged to 18,461, with a financial implication of Rs213.67bn ($2.49bn), marking an eightfold increase from the previous year.
During FY 2023-24, banks reported 36,066 fraud cases, more than double the 13,537 cases in FY 2022-23.
Despite the rise in cases, the RBI noted that the reported fraud amount for FY 2023-24 was the lowest in a decade, and the average fraud value was the lowest in 16 years.
Internet and card frauds accounted for 44.7% of the total fraud amount and 85.3% of the cases in FY 2023-24.
Private sector banks reported 67.1% of the total fraud cases in FY 2023-24.
However, public sector banks had the highest share in terms of the amount involved in card and internet frauds across all bank groups.
To further enhance payment security, the RBI has proposed additional factor authentication (AFA) for online international card-not-present (CNP) transactions.
“This will provide an additional layer of security in cases where the overseas merchant is enabled for AFA,” the RBI said.
