New Delhi: In a significant move to combat rising digital payment frauds, the Reserve Bank of India (RBI) has announced the introduction of special internet domains for banks and non-banking financial companies (NBFCs). as per RBI’s Grand Plan these domains, namely ‘bank.in’ and ‘fin.in,’ aim to enhance cybersecurity and mitigate phishing and other fraudulent activities.
RBI Governor Sanjay Malhotra, while presenting the bi-monthly monetary policy review on Friday, expressed concerns over the increasing cases of digital payment frauds. To counter this issue, the RBI will launch the ‘bank.in’ domain for Indian banks starting April this year. Additionally, the ‘fin.in’ domain will be introduced in the coming months for NBFCs. The initiative is designed to strengthen cybersecurity and build trust in digital banking and payment services.
RBI’s Grand Plan Against Digital Fraud: Designated Registrar
Malhotra also mentioned that the Institute for Development and Research in Banking Technology (IDRBT) will serve as the designated registrar for these domains. The actual registration process will commence in April 2025, and detailed guidelines for banks will be released soon.
Additional Layer of Security
Furthermore, the central bank has decided to introduce an additional layer of security for cross-border, card-not-present (CNP) transactions. While the adoption of an Additional Factor of Authentication (AFA) has significantly enhanced security in digital payments, this mandatory security measure will be applicable only to domestic transactions.
With these measures, the RBI aims to fortify the digital financial ecosystem, ensuring safer transactions and boosting public confidence in online banking and payments.
Digital frauds in India have surged with the rise of online transactions and digital payments. Cybercriminals use phishing, SIM swapping, UPI frauds, and deepfake technology to deceive users. Banking scams, fake investment schemes, and identity theft are common threats. The rapid adoption of fintech and e-commerce has exposed vulnerabilities, leading to financial losses. The Indian government and RBI have implemented cybersecurity measures, but awareness remains crucial. Fraudsters exploit AI and social engineering tactics to bypass security. Strengthening digital literacy, multi-factor authentication, and strict regulations are essential to combat the growing menace of cyber fraud in India.
