The European Banking Authority opposes new top-level domains

The program for the creation of new top-level domains (New gTLDs) is increasingly generating protests. Recently, the European Banking Authority (EBA) spoke out against the new system for registering new domains.

Bankers are confident that the introduction of new domain extensions will lead to an increase in phishing and fraud. At the same time, ICANN representatives believe that the introduction of new domain extensions such as .BANK or .FIN will improve oversight of banking and financial resources.

One of the reasons why the European Banking Authority is protesting against the New gTLD program is the lack of oversight over websites hosted in this domain zone.

The European Banking Authority stated that there is "significant potential for abuse by unscrupulous actors" and that "any plans to introduce new domains should ideally be abandoned... The potential for financial consumers to rely excessively on what may be presented as regulatory norms. By creating such a system, ICANN exposes financial institutions to enormous risk. The potential for new types of fraud and phishing to emerge is very high," the EBA statement said.

Bankers are unsure whether the new system will lead to confusion between legitimate and fake websites. Furthermore, ICANN's new initiative will increase direct costs and losses for banks.

The US Commerce Department is also protesting the New gTLD program. According to representatives of this organization, they have received numerous comments from large American companies claiming that there are plenty of people willing to exploit domains unfairly.