.BANK applications surpass 5K; Good news for banks, consumers

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.BANK applications surpass 5K; Good news for banks, consumers
Chris Feeney is the President of BITS, the Financial Services Roundtable’s technology policy division.

Chris Feeney is the President of BITS, the Financial Services Roundtable’s technology policy division.

In less than a week, the .BANK domain has surpassed more than 5,000 applications from more than 2,100 institutions in the banking community. This is a more than 40 percent increase from the 3,000 applications we received in the first 10 minutes of the .BANK general availability registration opening.

At FSR, one of the lead supporters, investors and founders of the .BANK domain, we are excited to see such strong interest in this new online bank community. It’s good news for banks and good news for consumers.

Why .BANK?

.BANK is designed to provide a verified, safer place for banks and their customers to do online business. The domain currently mandates 30 enhanced security requirements and a stringent verification process specially designed to create a more secure location for banking activities.

By signing up for a .BANK domain, financial institutions are taking a clear step to ensure customers’ sensitive information receives an added layer of protection from cyber attacks. The award and use of a .BANK domain shows that the institution is a verified member of the banking community and upholds the strict standards of the .BANK community. These requirements go significantly further to protect consumer information than most commonly-used domains.

Requirements include security extensions to ensure Internet users aren’t misdirected to fake or malicious bank websites, validation that email authentication is in place to mitigate spoofing and phishing emails that could lure customers into revealing their private bank information to unauthorized criminals, and strong encryption requirements designed to ensure the security of communication over the Internet.

The domain is also overseen by the same industry that uses it – a coalition of banks, financial services trade associations and insurance companies (along with FSR).

During the general availability period, which is now open to all members of the global banking community, domains are currently being awarded on a first-come, first-serve basis. FSR urges banks that haven’t yet registered to learn more at www.register.bank or visit www.ftld.com.

Banks that have applied for a .BANK domain or that are interested in applying can get more information by downloading “A Guide to Leveraging .BANK”. This guide provides a framework for communicating an institution’s new .BANK domain plan to employees and customers, as well as steps on how .BANK’s enhanced security requirements can benefit bank executives, technology teams and third party vendors.

The guide can be downloaded here: www.register.bank/guide/

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