As the world-wide web continues to expand, it becomes necessary to ensure that the opportunities for fraud and extortion do not expand with it. From the banks’ perspective, a strong, secure Internet is an absolutely vital component of the global financial system.
The internet body ICANN is introducing new “top-level domains” (those suffixes such as .com and .org at the end of website addresses) to help surfers find the businesses they seek. For instance, a bank could use .bank as well as .com as a suffix. But to ensure these suffixes are not abused, and are only awarded to regulated financial institutions, there needs to be an official awarding body in place.
The US-based Financial Services Roundtable and the American Bankers’ Association have established a new body – fTLD Registry Services – to provide exactly this assurance to users. The name – fTLD – stands for “financial Top-Level Domains”. fTLD Registry Services has applied to ICANN to authorise and manage the .bank and .insurance suffixes for the financial services industry.
The objective is to create the most secure cyber environment for customers of banks and insurance firms online. I wish that this comes into a reality soon and we will have separate top-level domains for the financial industry. This will be a major step to prevent phishing of bank and insurance sites.