Top Level Domain Expansion Continues With Plans To Launch Secure Dot Bank Domains This Summer
fTLD Registry Services has said that banks will be able to start registering new dot bank domain names as soon as May this year, and that the first .bank domains may be available for use by this summer.
The dot bank TLD is only one of hundreds of new Top Level Domains, and while many of the domains will go on general sale so that anybody can buy them, .insurance and .bank TLDs, both of which will be managed by fTLD, will require verification and will offer a greater level of security. However, with some banks including Barclays already having shelled out $185,000 on each dot brand domain name, there are questions raised over whether financial institutions will be ready to part with yet more money on domain registration and brand protection. Barclays bought .barclays and .barclaycard, and it is believed that dozens of banks from around the world followed suit.
Among the security measures, that will be provided by Symantec, who will also be responsible for verifying the identity and brand of those that apply for the new domains, are additional encryption measures and verified emails. It is hoped that these, and other security features, will help to prevent phishing attacks that have cost banking customers billions of pounds over the years.
Some banks have committed to the plan including one appropriately named US bank called DollarBank. They have said that they will register either dollar.bank or dollarbank.bank and have said that they will make the new domain available immediately, will invest in making sure that customers know of the changes, and will redirect traffic from the new domain to their existing dot com domain during the transition.
There is some concern that the investment requirements for banks may prove too high, and while organisations like Barclays may be able to foot the cost, smaller banks and financial institutions may not have the capital to fully invest in migrating to a dot bank TLD.
It is likely that .insurance, which will be managed by fTLD as well, will follow a similar route, with increased security and verification requirements. And it has already been announced that .tickets is to be used in order to ensure that consumers can be sure they are buying concert and other tickets from a genuine and verified source.
Much of the news regarding the new wave of Top Level Domains (TLDs) has been centred on the fact that celebrities like Taylor Swift and Richard Branson have been busying themselves protecting their reputation by buying domains like TaylorSwift.porn and RichardBranson.adult, but there is potentially some good that could come from some of the new domains. Any reduction in phishing attacks should be viewed as a good thing, because it not only reduces instances of fraud, but it could ultimately lead to greater online banking functionality as bank customers learn to trust the websites that they use on a daily basis.