ICANN comes up with a brilliant e-banking idea

ICANN, the Internet registration peeps, has come up with what looks to be a brilliant idea on the e-banking front, namely the creation of a new .safe domain name to be used for e-banking and other financial services operations.

The idea behind .safe is that Netters can be confident that the domain name suffix is only being used by legitimate institutions.

In addition, and arguably more importantly, the ISP community could set up various security options for the new domain to prevent online eavesdropping and snooping.

According to F-Secure, which is applauding the idea, whilst an .safe domain name won't prevent phishing attacks, it will help banks and security providers to keep their customers safe.

Mikko Hypponen, the IT security firm's chief research officer, said that banks need to take on some of the responsibility for protecting their customers.

"Using a secure domain name such as .safe will give customers the reassurance they need when banking online," he said.

"Right now, customers have no good way of automatically being able to tell whether or not a bank Web site belongs to the bank. So a small bank or credit union phishing site is something that has to be researched," he added.

According to Hyponnen, if .safe is locked down, then security companies would have a much better set of assumptions to start with when filtering email and web traffic.

"Security providers would then be able to build a better security product and users would feel safe online," he explained...