.BANK is not just another way to change up your domain name, it's a proactive and protective measure put in place to give you peace of mind that your customers are protected. Phishing in the financial industry is all too common, as it is the #1 cyberattack and the starting point of most breaches. This reason alone is why .BANK domains are so important to implement.
Not convinced yet or want more information? Here's why you should register for a .BANK domain:
VERIFICATION
Having a .BANK domain provides extra verification for your organization, as only verified members of the global banking community are approved for these domain names. These domain names make it easy for your customers to distinguish authentic emails or communications from your financial organization in comparison to a phishing attempt.
According to Kaspersky Lab, in 2017 the share of financial phishing increased from 47% to 54% of all phishing detections, which is a record-breaking high for financial phishing. You want your customers to confidently recognize and communicate with your organization, and without a .BANK domain nothing is promised. Anyone can register for a generic domain such as .COM or .NET, but only legitimate financial organizations can register for a .BANK domain name.
EXTRA SECURITY MEASURES
Kaspersky Lab also found that more than every 4th attempt to load a phishing page was related to banking phishing. Financial organizations are the "big catches" when it comes to phishing, which is why extra security measures must be taken. These special domains include those extra security measures, from further authentication, to an increased level of encryption, to abuse monitoring and compliance enforcement so that only verified financial organizations can utilize .BANK domains.
Further authentication is just another roadblock in recognizing and stopping malicious attempts to steal personal information. If your customers see something linked to a .BANK domain, they know they can trust it. An increased level of encryption will help to drastically decrease the chance that customers are redirected to sites disguised as your own that could steal their account information. .BANK domains also come with compliance and requirements to maintain a strong level of security, so financial institutions must allocate a point of contact from their organization to help continue to verify their organization.
Related: Fight Cybercrime with User Awareness Training
.BANK domains play a huge role in preventing cybercrime in the financial industry. Phishing attempts are becoming more and more common, and financial institutions are the big catches. With the security, verification processes, and requirements of obtaining a .BANK domain, you can ensure your customers that anything from your domain name can be trusted and that their data is safe with you.
