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Keeping Your Domain Name Safe
The FDIC is concerned about cyber-fraud that results from confusion about domain names. Several practices may threaten the good name and domain name of your institution.
First, make sure no-one else uses your bank's name. Protecting cyber names is as important as protecting your trade mark. Whether or not your bank has a website, the bank should register its domain name if only to prevent someone else from using it before you do.
Don't stop at registering one name. Register any version or combination of names that would signal your bank to your customers. It is legal to register more than one domain name and it is a good idea to do so to protect the reputation of the bank.
Finally, consider registering similar names, such as those with a typo that would be very similar to your bank's real domain name. For example, most of the public doesn't know the significance of "bank" and "banc" spellings. So you might want to register your name both ways. This would prevent another entity (with a low degree of honesty and less than honorable intentions) from using a domain name that is strikingly like yours - except for one easily misunderstood letter.
For more guidance, check FDIC'S FIL-77-2000.
Copyright © 2000 Compliance Action. Originally appeared in Compliance Action, Vol. 5, No. 15, 12/00
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