Financial Domain Names Could Boost Web Fraud: EU Watchdog

Law360, Washington (February 24, 2012, 5:08 PM EST) -- Europe's top banking authority voiced concerns Thursday that new top-level domain names for financial firms, .bank and .fin, could cause a spike in fraudulent Web traffic, jeopardizing data security and frustrating regulators trying to combat the scams.

In an open letter from the European Banking Authority to the Internet Corp. for Assigned Names and Numbers — a nonprofit that regulates Web domains — the EU group worried there weren't enough protections to ensure new banking and financial domain names would only be registered to legitimate organizations.

Without proper...
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