Indian Banks Aim To Reduce Online Fraud

Uploaded on 2025-02-12 in NEWS-Cybersecurity News, FREE TO VIEW, BUSINESS-Services-Financial

India's Central Bank, the Reserve Bank of India (RBI), is launching an exclusive Internet domain for Indian banks with the aim to reduce digital financial fraud. "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," the RBI published a statement on 7th February.

The RBI also said it aims to set out a separate exclusive domain "fin.in" for other non-bank entities in the financial sector.

The Institute for Development and Research in Banking Technology (IDRBT) will be an exclusive registrar and registrations for the domains are expected to start from April 2025.

As part of broader efforts to enhance trust in online payments, the RBI said it's also debuting what's called Additional Factor of Authentication (AFA) for cross-border card-not-present (CPN) online transactions. AFA, also called multi-factor authentication (MFA), refers to the process of using more than one factor to authenticate users, and, in this case, complete digital transactions undertaken via cards, prepaid instruments and mobile banking channels. "This will provide an additional layer of security in cases where the overseas merchant is enabled for AFA," the RBI said.

However, uncertainty remains, as the RBI has not mandated a specific factor for AFA and the digital payments eco-system in India has already widely adopted an SMS-based one-time passwords (OTPs) as AFA.

RBI | RBI | RBI | Hacker News | Wikipedia

Image: @RBI

You Might Also Read:

Hackers Steal Data From Leading Indian Bank:

If you like this website and use the comprehensive 7,000-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.