NEW YORK–More banks are moving to .bank web domains as a means of demonstrating security amid growing online scams.
While many banks have not yet made the switch to the top-level Internet domain, many others have done so. The .bank domain became available in 2015.
Among the institutions that have made the move are Lead Bank, City Bank Texas and North Shore Bank, noted BankRate.com.
“The fTLD Registry Services, the coalition operating the dot-bank extension, bills the domain as an ‘online stamp of trust,’ reported BankRate.com. “That is because the dot-bank extension is exclusive. Unlike a dot-com, only banks and others, like select bank tech vendors, can get the extension for their URLs and their emails,” BankRate.com noted. “Not only is there a vetting process for applicants, but banks with dot-bank extensions must also comply with registry policies on an ongoing basis, like implementing email authentication.”
Drew Schiff, director of engagement services of fTLD Registry Services, told BankRate.com that .bank is a “quick visual cue” to trust that the source is a bank.
The move is being made by many banks in response to online scams and phishing attempts that seek to have consumers click on sites that resemble those of legitimate financial institutions.
Unintended Effect
Still, one analyst said the .bank extension could actually have the opposite of its intended effect.
“There’s a concern that consumers will think it’s a hoax,” Jim Trautwein, senior director at Cornerstone Advisors, told BankRate.com.
“The rebranding could also perplex customers who, say, have accounts with five different banks — only two of which use dot-bank extensions,” BankRate.com reported. “Another consideration is whether the bank’s core technology vendor is using the extension. If not, the customer could see a dot-bank before he logs in to his account and a dot-com address after he logs in.”
Still, Trautwin sees long-term benefits from making the move.
“It has a lot of potential to ease consumers’ minds,” Trautwein told the publication, “but only once it’s a standard — and it will take years to become a standard.”