Cybercriminals create fake banking websites mimicking legitimate institutions.

Victims unknowingly enter their credentials, allowing fraudsters to access accounts.

RBI is introducing exclusive domain names to counteract such frauds.

RBI’s Measures Against Rising Digital Frauds

Modus Operandi: Fraudsters misuse domain names to trick users into divulging sensitive information or making fraudulent transactions without the need for OTPs.

Details:

• The Reserve Bank of India (RBI) has observed an increase in frauds related to digital payments.
• To mitigate such risks, the RBI plans to introduce exclusive domain names—’bank.in’ for banks and ‘fin.in’ for non-bank financial entities—to prevent fraudulent practices.
• The Institute for Development and Research in Banking Technology (IDRBT) will act as the exclusive registrar for these domains, with registrations commencing in April 2025.