The most vulnerable sectors with regard to online threats are the Banking & Financial Companies, since huge amount of money is transacted every day. While Financial Institutions in Foreign Countries have attempted to mitigate the risks that are posed by online threats such as phishing, cybersquatting, identity thefts etc., Financial Institutions in India, mostly Public Sector Banks, appear to have little concern for Online Brand Protection Strategies. This might partly be due to the reason that Indian Banks appear not to believe in taking pro-active steps unless the threats actually happen and cause huge financial loss.
The primary reason for banking companies to give importance to Online Brand Protection is that ‘sensitive data’s’ like consumer’s personal information are stored on it. There is every chance that the phishers may steal such sensitive information and use it for their own financial gains.
Cybersquatters commit offences against Financial Institutions very frequently due to the fact that the customers pay enormous trust on the Financial Companies and hugely rely upon the Security provided by those Financial Companies.
One of the frequent target of the online offenders is to cybersquat identical / deceptively and confusingly similar Domain Names of Financial Institutions & Banking Companies. Cybersquatting of the Domain Names pose two major risks to the Banking Companies & Financial Instituions;
Cybersquatted domain names are registered with a view to sell it to the brand owner at an exorbitant price.
Much worse, is when the said cybersquatter attempt to represent themselves as the brand owner by replicating the website of the brand. The consumers being diverted to this replicated website of the cybersquatter might purchase products/avail services from this replicated website. This definitely leads to consumer and the brand owners losing financially and also causes dilution / tarnishment of the brand.
In both the above cases, the brand owner / financial companies are likely to suffer the mistrust of the consumer. The belief of the consumers is very high with the Financial Companies and hence, these organizations are required to be pro-active in the approach to Online Brand Protection Strategies. Inaction or not-caring attitude of the Banking Companies toward online threats such as cybersquatting, identity theft or phishing might make the consumer frustrated and might result in the brand equity of the financial companies being tarnished to a considerable extent.
Domain Name Disputes India helps financial institutions and banking companies protect their brands online from being threatened. Our skilled team and our 24x 7 watch service protects your brands from being infringed online and also take immediate actions is there is threat to the Brand.