The Central Bank of India, the Indian Reserve Bank (RBI), said it is introducing an exclusive “bank” on the Internet for banks in the country to combat digital financial fraud.
“This initiative is aimed at reducing cybersecurity threats and malware, such as phishing; and streamlining safe financial services, thereby increasing the trust in digital banking and payment services,” Irbi – Note in a statement issued today.
To this end, the Institute for Development and Studies in Banking Technology (IDRBT) will act as an exclusive registrar. It is expected that registration for domains will start from April 2025.
The IRB has also said it plans to deploy a separate exclusive “Fin.in” domain for other non -financial organizations.
As part of a broader effort to extension of confidence in online paymentsApho) for a cross-border map-not-the-one (CNP) Internet -Translation.
AFA, also called multifactorial authentication (MFA), refers to the process of using more than one factor for user authentication, and, in this case, full digital transactions conducted through the cards, pre -paid tools and mobile banking canals.
“This will provide an additional level of security in cases where the foreign merchant is included for AFA,” the IRB said.
However, it should be noted that RBI did not instructed specific factor for AFA. Ecosystem of digital payments in India largely covered one -off passwords (OTPS) based on SMS (OTPS).
