Online Banking To Change; How Fin.In And Bank.In Will Keep Your Money Safe From Scams

The Reserve Bank of India (RBI), in a move to strengthen digital security, has announced 'fin.in' as a dedicated domain for fintechs, NBFCs, and other financial service providers. Its purpose is to foster a safer, more harmonized digital environment for carrying out financial transactions for bank customers online.

In April, RBI is also launching an exclusive Internet Domain for Indian banks called 'bank.in' that will only work for India's banks. The Institute of Development and Research in Banking Technology (IDRBT) will handle these domains to tackle cyber threats such as phishing and fraud.

Cyber threats and frauds are on the rise as digital payments keep expanding. There are a number of scams that cause loss to bank users. That mostly happens as scamsters dupe users into sharing their banking details and they end up with huge financial losses. By bringing in these exclusive domains, RBI wants to build a secure ecosystem of financial services.

Two main things are expected from this major change: It is expected to cut cyber security risks, and phishing attempts, while at the same time ensure a much more safe and secure financial services environment for all.

RBI is also looking at securing international online transactions. For cross-border payments made using Indian-issued cards, it has been proposed to extend the Additional Factor of Authentication (AFA) which is already mandatory for domestic transactions.

That’s an extra layer of authentication like an OTP, but only if the overseas merchant supports AFA. This will lower the risk of fraud in international transactions too. The next step will be the release of a draft proposal for review.

These steps are not just to make digital transactions safer, but also to ensure the financial system becomes safer and supports economic recovery and does not act as a drag on it.