In the fiscal year 2023-2024, India witnessed a significant surge in banking frauds. The number of reported cases jumped by 166% to 36,075, up from 13,564 in the previous year. However, the total amount involved in these frauds decreased by 46.7% to ₹13,930 crore.
In response to the alarming rise in digital frauds, the Reserve Bank of India (RBI) is implementing several key measures to safeguard your online banking experience.
RBI’s Proactive Steps
Starting April 2025, banks will use the ‘bank.in’ domain, and non-banking financial companies (NBFCs) will adopt ‘fin.in’. This initiative aims to help you easily identify legitimate financial websites, reducing the risk of phishing attacks.
Currently mandatory for domestic online card transactions, AFA will soon be required for international transactions as well. This extra layer of security is designed to protect your money during global online purchases.
The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for these domains. Registrations are set to begin in April 2025.
This initiative aims to reduce cyber threats, such as phishing attacks, by providing a secure and recognizable online presence for legitimate financial institutions. RBI Governor Sanjay Malhotra emphasized the importance of this move, stating that increased instances of fraud in digital payments are a significant concern.
What This Means for You
These measures aim to provide a more secure online banking environment, reducing the risk of fraud. With standardized domains, recognizing authentic financial websites becomes simpler, helping you avoid scams. The extension of AFA to international transactions adds an extra layer of protection to your online activities.
Stay Vigilant – Protect Yourself Now!
While the RBI is strengthening security protocols, your awareness is crucial. Always ensure you’re on legitimate banking websites before entering personal information. Be cautious of suspicious links and Avoid clicking on unfamiliar links that could lead to phishing sites. Monitor your accounts and regularly check your bank statements for unauthorized transactions.
