Why is the .bank domain extension better than .com?

Why the .bank domain extension?

April 19, 2023 – Tuscaloosa, Alabama

The internet has made it possible for people to conduct financial transactions online with ease. However, with the growth of e-commerce and online banking, the risk of fraud and identity theft has also increased. To mitigate these risks, the financial industry has adopted measures to enhance online security, including the introduction of the .bank domain extension.

.bank is a top-level domain extension that is exclusively reserved for banks and financial institutions. This domain name serves as a sign of authenticity, demonstrating that the website is owned and operated by a legitimate financial institution.

Obtaining the .bank domain extension is a rigorous process

Use of the .bank extension provides banks with enhanced security measures. The application process to obtain a .bank domain is rigorous and requires extensive documentation and verification of the applicant’s credentials. This process ensures that only legitimate banks and financial institutions are granted access to the .bank domain name. Additionally, the .bank domain is managed by the fTLD Registry Services, a company that is dedicated to providing a secure and stable online environment for the financial industry. This company implements strict security measures to protect the .bank domain from fraudulent activities such as phishing attacks, malware, and domain hijacking.

Benefit to Local Bank customers

A .bank extension assures you that you are dealing with your legitimate financial institution, and not a fraudulent website. While anyone can secure a .com or .org domain, .bank is exclusively reserved for banks and financial institutions, and therefore provides a level of authenticity that cannot be replicated. That means when you see the “.bank” at the end of Local Bank’s email and website domain, you can interact with confidence, knowing that you are accessing our secure website to conduct your financial transactions.

Commitment to security

The use of .bank can also help Local Bank to comply with regulatory requirements. Financial institutions are subject to various regulations, including the Bank Secrecy Act, Anti-Money Laundering (AML) regulations, and Know Your Customer (KYC) regulations. These regulations require financial institutions to implement robust security measures to prevent fraud and money laundering. Using a .bank extension is one more way Local Bank demonstrates our commitment to providing a secure online environment for our customers.