Securing Digital Banking: RBI Mandates Migration to [.]bank[.]in Domains
Introduction
The Reserve Bank of India (RBI) has mandated banks to switch their digital banking domains to 'Bank.in' by October 31, 2025, as part of a strategy to modernise the sector and maintain consumer confidence. The move is expected to provide a consistent and secure interface for online banking, as a response to the increasing threats posed by cybercriminals who exploit vulnerabilities in online platforms. The RBI's directive is seen as a proactive measure to address the growing concerns over cybersecurity in the banking sector.
RBI Circular - Migration to '.bank.in' domain
The official circular released by the RBI dated April 22, 2025, read as follows:
“It has now been decided to operationalise the ‘. bank.in’ domain for banks through the Institute for Development and Research in Banking Technology (IDRBT), which has been authorised by National Internet Exchange of India (NIXI), under the aegis of the Ministry of Electronics and Information Technology (MeitY), to serve as the exclusive registrar for this domain. Banks may contact IDRBT at sahyog@idrbt.ac.in to initiate the registration process. IDRBT shall guide the banks on various aspects related to application process and migration to new domain.”
“All banks are advised to commence the migration of their existing domains to the ‘.bank.in’ domain and complete the process at the earliest and in any case, not later than October 31, 2025.”
CyberPeace Outlook
The Reserve Bank of India's directive mandating banks to shift to the 'Bank.in' domain by October 31, 2025, represents a strategic and forward-looking measure to modernise the nation’s digital banking infrastructure. With this initiative, the RBI is setting a new benchmark in cybersecurity by creating a trusted, exclusive domain that banks must adopt. This move will drastically reduce cyber threats, phishing attacks, and fake banking websites, which have been major sources of financial fraud. This fixed domain will simplify verification for consumers and tech platforms to more easily identify legitimate banking websites and apps. Furthermore, a strong drop in online financial fraud will have a long-term effect by this order. Since phishing and domain spoofing are two of the most prevalent forms of cybercrime, a shift to a strictly regulated domain name system will remove the potential for lookalike URLs and fraudulent websites that mimic banks. As India’s digital economy grows, RBI’s move is timely, essential, and future-ready.
References
Related Blogs
Introduction
According to the Finance Ministry's data, the incidence of domestic Unified Payment Interface (UPI) fraud rose by 85% in FY 2023-24 compared to FY 2022-23. Further, as of September of FY 2024-25, 6.32 lakh fraud cases had been already reported, amounting to Rs 485 crore. The data was shared on 25th November 2024, by the Finance Ministry in response to a question in Lok Sabha’s winter session about the fraud in UPI transactions during the past three fiscal years.
Statistics
UPI Frauds and Government's Countermeasures
On the query as to measures taken by the government for safe and secure UPI transactions and prevention of fraud in the transactions, the ministry has highlighted the measures as follows:
- The Reserve Bank of India (RBI) has launched the Central Payment Fraud Information Registry (CPFIR), a web-based tool for reporting payment-related frauds, operational since March 2020, and it requires requiring all Regulated Entities (RE) to report payment-related frauds to the said CPFIR.
- The Government, RBI, and National Payments Corporation of India (NPCI) have implemented various measures to prevent payment-related frauds, including UPI transaction frauds. These include device binding, two-factor authentication through PIN, daily transaction limits, and limits on use cases.
- Further, NPCI offers a fraud monitoring solution for banks, enabling them to alert and decline transactions using AI/ML models. RBI and banks are also promoting awareness through SMS, radio, and publicity on 'cyber-crime prevention'.
- The Ministry of Home Affairs has launched a National Cybercrime Reporting Portal (NCRP) (www.cybercrime.gov.in) and a National Cybercrime Helpline Number 1930 to help citizens report cyber incidents, including financial fraud. Customers can also report fraud on the official websites of their bank or bank branches.
- The Department of Telecommunications has introduced the Digital Intelligence Platform (DIP) and 'Chakshu' facility on the Sanchar Saathi portal, enabling citizens to report suspected fraud messages via call, SMS, or WhatsApp.
Conclusion
UPI is India's most popular digital payment method. As of June 2024, there are around 350 million active users of the UPI in India. The Indian Cyber Crime Coordination Centre (I4C) report indicates that ‘Online Financial Fraud’, a cyber crime category under NCRP, is the most prevalent among others. The rise of financial fraud, particularly UPI fraud is cause for alarm, the scammers use sophisticated strategies to deceive victims. It is high time for netizens to exercise caution and care with their personal and financial information, stay aware of common tactics used by fraudsters, and adhere to best security practices for secure transactions and the safe use of UPI services.
References
Introduction
The insurance industry is a target for cybercriminals due to the sensitive nature of the information it holds. This makes it essential for insurance companies to have robust cybersecurity measures to protect their data and customers’ personal information.
Cyber fraud in India’s insurance industry is increasing. It is reported that the Indian insurance sector has witnessed a surge in cyber-attacks, with several instances of data breaches, identity thefts, and financial fraud being reported. These cybercrimes not only pose a significant threat to the financial stability of the insurance industry but also to the privacy and security of policyholders.
Cyber Frauds in the Insurance Industry
The insurance industry in India has been the target of increasing cyber fraud in recent years. With the growing digital transformation trend, insurance companies have become increasingly vulnerable to cyber-attacks. Cyber frauds in the insurance industry are initiated by hackers who use various techniques such as phishing, malware, ransomware, and social engineering to gain unauthorised access to policyholders’ personal data and sensitive information
Kinds of cyber frauds in the insurance industry
It is essential for insurers and policyholders alike to be aware of these kinds of cyber-attacks on insurance companies in today’s digital age. Staying educated about these threats can help prevent them from happening in the future.
Identity theft– One common type of cyber fraud that occurs in the insurance industry is identity theft. In this type of fraud, criminals steal personal information such as name, address, date of birth and social security numbers through phishing emails or fraudulent websites. They then use this information to open fraudulent policies or access existing ones.
Payment fraud- Another type of cyber fraud that is on the rise is payment fraud. In this type of fraud, hackers intercept electronic payments made by policyholders or agents using fake bank accounts or compromised payment gateways. The money is then siphoned into untraceable accounts, making it difficult for law enforcement agencies to identify and arrest the perpetrators.
Phishing attacks- Where the fraudsters posed as company officials and sent emails to policyholders requesting their account details. The unsuspecting customers fell for this scam and shared their sensitive information, which was then used to access their accounts and steal funds.
Hacking- Where hackers breach the company’s system to gain access to policyholder data. The hackers’ stoles personal records, including names, addresses, phone numbers, social security numbers, and financial information, which they later sell on the dark web.
Fake policies scam- Fraudsters create fake policies using stolen identities and collect premiums from innocent customers. The insurer then voided these policies due to fraudulent activity leaving those people without valid coverage when they needed it most. The victims suffer significant financial losses due to this scam.
Fake Insurance Websites- Discuss the creation of deceptive websites that imitate well-known insurance companies, where unsuspecting individuals provide their personal details, leading to identity theft or financial losses.
Prevention of Cyber Frauds in the Insurance Industry- Best practices to follow
Prevention is better than cure, which also holds true in the case of cyber fraud in the insurance industry. The industry must take proactive steps to prevent such frauds from occurring in the first place. One of the most effective ways to do so is by investing in cybersecurity measures that are specifically designed for the insurance sector.
Insurance companies must conduct regular employee training programs on cybersecurity best practices. This includes educating employees on how to identify and avoid phishing emails, create strong passwords, and recognise potential cyber threats. Companies should also establish a reporting mechanism for employees to report suspicious activity or incidents immediately.
Having proper access controls in place is also necessary. This means limiting access to sensitive data only to those employees who need it, implementing two-factor authentication, and regularly monitoring user activity logs. Regular audits can also provide an extra layer of protection against potential threats by identifying vulnerabilities that may have been overlooked during routine security checks.
Another essential step is encrypting all data transmitted between different systems and devices. Encryption scrambles data into unreadable codes that can only be deciphered using a decryption key, making it difficult for hackers to intercept or steal information in transit.
Legal Framework for Cyber Frauds in the Insurance Industry
The legal framework for cyber fraud in the insurance industry is critical to preventing such crimes. The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines for insurers to establish a cybersecurity framework. The guidelines require insurers to conduct regular risk assessments, implement security measures, and ensure compliance with data privacy laws.
The Information Technology Act 2000, is another significant piece of legislation dealing with cyber fraud in India. The act defines offences such as unauthorised access to a computer system, hacking, and tampering with data. It also provides for stringent penalties and imprisonment for those found guilty of such offences.
The IRDAI’s guidelines provide insurers with a roadmap to establish robust cybersecurity measures to help prevent cyber fraud in the insurance industry. Stringent implementation of these guidelines will go a long way in safeguarding sensitive customer information from falling into the wrong hands.
Best Practices for Insurers and Policyholders
Insurers:
Implementing Strong Authentication: Encouraging the use of multi-factor authentication and secure login processes to safeguard customer accounts and prevent unauthorised access.
Regular Employee Training: Conduct cybersecurity awareness programs to educate employees about the latest threats and preventive measures.
Investing in Advanced Technologies: Utilizing robust cybersecurity tools and systems to promptly detect and mitigate potential cyber threats.
Policyholders:
Vigilance and Awareness: Policyholders must stay vigilant while sharing personal information online and verify the authenticity of insurance websites and communication channels.
Regular Updates and Patches: Advising individuals to keep their devices and software up to date to minimise vulnerabilities that cybercriminals can exploit.
Secure Online Practices: Encouraging the use of strong and unique passwords, avoiding sharing sensitive information on unsecured networks, and exercising caution when clicking on suspicious links or attachments.
Conclusion
As the Indian insurance industry embraces digitisation, the risk of cyber scams and data breaches becomes a significant concern. Insurers and policyholders must collaborate to ensure robust cybersecurity measures are in place to protect sensitive information and financial interests.
It is essential for insurance companies to invest in robust cybersecurity measures that can detect and prevent fraud attempts. Additionally, educating employees on the dangers of cyber fraud and implementing strict compliance measures can go a long way in mitigating risks. With these efforts, the insurance industry can continue to provide trustworthy and reliable services to its customers while protecting against cyber threats. As technology continues to evolve, it is imperative that the insurance industry adapts accordingly and remains vigilant against emerging threats.
Introduction
In the digital landscape, there is a rapid advancement of technologies such as generative AI(Artificial Intelligence), deepfake, machine learning, etc. Such technologies offer convenience to users in performing several tasks and are capable of assisting individuals and business entities. Certain regulatory mechanisms are also established for the ethical and reasonable use of such advanced technologies. However, these technologies are easily accessible; hence, cyber-criminals leverage AI tools and technologies for malicious activities or for committing various cyber frauds. By such misuse of advanced technologies, new cyber threats have emerged.
Deepfake Scams
Deepfake is an AI-based technology. Deepfake is capable of creating realistic images or videos which in actuality are created by machine algorithms. Deepfake technology, since easily accessible, is misused by fraudsters to commit various cyber crimes or deceive and scam people through fake images or videos that look realistic. By using the Deepfake technology, cybercriminals manipulate audio and video content, which looks very realistic but, in actuality, is fake.
Voice cloning
To create a voice clone of anyone's, audio can be deepfaked too, which closely resembles a real one but, in actuality, is a fake voice created through deepfake technology. Recently, in Kerala, a man fell victim to an AI-based video call on WhatsApp. He received a video call from a person claiming to be his former colleague. The scammer, using AI deepfake technology, impersonated the face of his former colleague and asked for financial help of 40,000.
Uttarakhand Police issues warning admitting the rising trend of AI-based scams
Recently, Uttarakhand police’s Special Task Force (STF) has issued a warning admitting the widespread of AI technology-based scams such as deepfake or voice cloning scams targeting innocent people. Police expressed concern that several incidents have been reported where innocent people are lured by cybercriminals. Cybercriminals exploit advanced technologies and manipulate innocent people to believe that they are talking to their close ones or friends, but in actuality, they are fake voice clones or deepfake video calls. In this way, cybercriminals ask for immediate financial help, which ultimately leads to financial losses for victims of such scams.
Tamil Nadu Police Issues advisory on deepfake scams
To deceive people, cyber criminals misuse deepfake technologies and target them for financial gain. Recently, Tamilnadu Police Cyberwing have issued an advisory on rising deepfake scams. Fraudsters are creating highly convincing images, videos or voice clones to defraud innocent people and make them victims of financial fraud. The advisory states that you limit the personal data you share you share online and adjust privacy settings. Advisory says to promptly report any suspicious activity or cyber crimes to 1930 or the National Cyber Crime Reporting portal.
Best practices
- Pay attention if you notice compromised video quality because deepfake videos often have compromised or poor video quality and unusual blur resolution, which poses a question to its genuineness. Deepfake videos often loop or unusually freeze, which indicates that the video content might be fabricated.
- Whenever you receive requests for any immediate financial help, act responsively and verify the situation by directly contacting the person on his primary contact number.
- You need to be vigilant and cautious, since scammers often possess a sense of urgency, leading to giving no time for the victim to think about it and deceiving them by making a quick decision. Scammers pose sudden emergencies and demand financial support on an urgent basis.
- Be aware of the recent scams and follow the best practices to stay protected from rising cyber frauds.
- Verify the identity of unknown callers.
- Utilise privacy settings on your social media.
- Pay attention if you notice any suspicious nature, and avoid sharing voice notes with unknown users because scammers might use them as voice samples and create your voice clone.
- If you fall victim to such frauds, one powerful resource available is the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) and the 1930 toll-free helpline number where you can report cyber fraud, including any financial crimes.
Conclusion
AI-powered technologies are leveraged by cybercriminals to commit cyber crimes such as deepfake scams, voice clone scams, etc. Where innocent people are lured by scammers. Hence there is a need for awareness and caution among the people. We should be vigilant and aware of the growing incidents of AI-based cyber scams. Must follow the best practices to stay protected.
References:
- https://www.the420.in/ai-voice-cloning-cyber-crime-alert-uttarakhand-police/
- https://www.trendmicro.com/vinfo/us/security/news/cybercrime-and-digital-threats/exploiting-ai-how-cybercriminals-misuse-abuse-ai-and-ml#:~:text=AI%20and%20ML%20Misuses%20and%20Abuses%20in%20the%20Future&text=Through%20the%20use%20of%20AI,and%20business%20processes%20are%20compromised.
- https://www.ndtv.com/india-news/kerala-man-loses-rs-40-000-to-ai-based-deepfake-scam-heres-what-it-is-4217841
- https://news.bharattimes.co.in/t-n-cybercrime-police-issue-advisory-on-deepfake-scams/
