Absolutely, the issue of the TLD (Top-Level Domain) is an important one in the sphere of cybersecurity. Very specific in its use, .BANK is a secured, verified, and restricted TLD that is intended for legitimate and regulated banks.
The .BANK domain was introduced in 2015 by fTLD Registry Services, LLC, a coalition of banks, insurance companies, and financial service trade associations, to serve the global banking community’s online needs better. The use of the .BANK TLD enhances the security environment of banking services, therefore adding an entirely new level of protection against imposter websites and cyberattacks.
One of the key distinctions of .BANK from other generic TLDs like .com or .net is the stringent security measures. Each domain with a .BANK extension must meet enhanced security requirements, which include Email Authentication, DNSSEC (Domain Name System Security Extensions), Multi-Factor Authentication, and strong encryption. Thereby, raising the cyber-security bar for those looking to commit fraudulent activities.
Illustrating this, Citizens Bank of Edmond enhanced their online safety by transitioning to the .BANK domain in 2016. Similarly, Starling Bank, a digital bank in the UK, uses a .BANK domain to display its commitment to providing a secure environment for its customers; consequently, these banks provide a safer digital space for their customers.
Banks using the .BANK TLD adds a level of assurance to banking customers that they are interacting with a legitimate bank. The high level of authentication ensures that the bank website is responsible for the information, services, or products represented. Hence, it is like an additional seal of trust and legitimacy that regulated banks can provide their customers – banks are who they say they are.
For these reasons .BANK TLDs are meant to reduce the risk of cyber threats, including phishing and spoofing attacks. For example, according to the Federal Deposit Insurance Corporation, in Q1 of 2021 banks have reported a total of 614 suspicious activity reports (SARs) related to cyber-security issues, representing a 13% increase QoQ. Therefore, protecting banks from misrepresentation online from criminals attempting to use their brand, or a similar brand, for fraud seems to be more crucial than ever.
References:
1. fTLD Registry Services, LLC. (2017). Why .BANK? (pp. 1–9).
2. American Bankers Association. (2016). Top-Level Security with a .BANK Domain.
3. Federal Deposit Insurance Corporation. (2021). Q1 2021 Cybersecurity SARs by the Numbers.
4. Farmers & Merchants Bank. (2021). Why We Switched to .BANK.
5. Brelsford, S. (2016). Navigating The New .Bank Environment. The Journal of Internet Banking and Commerce.
6. Starling Bank. (2021). Our commitment to cybersecurity.
