You may start seeing CFBank use the .bank extension in their website addresses. While we’re programmed to only trust .com and .org extensions right now, there’s a reason CFBank is using .bank and it’s to protect you, the consumer.
What is a .Bank Extension?
.Bank is a new extension that’s reserved for certain banking members. Because it’s an exclusive extension, it provides more security than other standard extensions. CFBank went through an extensive approval process to use this extension which includes an application and verification process.
CFBank has strict guidelines to follow including certain consumer protections to prevent fraud and malicious activity. This is the number one reason you should consider working with a bank with a .bank domain as they are known to protect consumers more than banks with a ‘regular’ extension.
How did .Bank Start?
The American Bankers Association started the .bank extension in 2015 to identify safe and secure banks over others. .Bank is a compilation of efforts from not only banks but also insurance companies and financial trades.
Is .Bank More Secure?
Yes, the point of a .bank extension is to provide consumers with an easy way to identify secure banks. Every bank using the new extension must be verified and registered, but also go through an annual verification to ensure everyone still qualifies.
In other words, it’s not easy for phishers or hackers to start a website and steal your information like they could with a basic website with a ‘.com’ address.
Using the .bank extension, CFBank is continually monitored to ensure it is using the top security measures to protect its customers.
What Other Differences are There?
Any organization or person, for that matter, can start a ‘.com’ website. This means you don’t know if you’re providing your personal information to a real or fake website. With a .bank extension, there is no question.
The .bank extension is what they call a ‘closed’ extension, which means it’s much harder to qualify to use it and banks that qualify are ‘legit.’
Have all Banks Moved to .Bank?
Not all banks have moved to the new extension, but eventually, they will. Any banks left using .com or other ‘free extensions’ will begin to lose credibility as the .bank extension becomes more common and becomes the preferred way to do banking business online.
Look for banks that use the .bank extension when you look for a bank and/or do any banking online. It’s the number one way to ensure your information is protected and you aren’t being taken advantage of by a scam.
While banks use other levels of security including bank-level encryption, it’s important to take as many levels of precautions as possible before banking online. You need to know that CFBank protects you and your information as your financial information is the most important and private information you can share.