By Alyssa Harmon, Content Marketing Manager at Valimail
Using email authentication from Valimail and a .BANK domain will secure your bank’s email channel to prevent losses from business email compromise (BEC) and stop phishing attacks.
The FBI announced that losses from BEC attacks resulted in a $43 billion loss over the past five years.
A BEC or phishing attack can result in lost money, but it can also damage your reputation. These attacks can harm a business and its customers, especially for a bank.
About 91% of cyberattacks start with a phishing email, and it’s the most common attack vector in the banking sector. This means phishing is the top concern for banks, and a successful attack means your bank’s trust, operations, and solvency are at risk.
In this article, Valimail and .BANK share why email authentication is so critical. When DMARC and .BANK are combined, it becomes a powerful tool for bankers to prevent the vast majority of email attacks.
How .BANK protects your bank
.BANK is a cybersecurity solution designed to meet banks’ unique needs and is restricted to verified banks. This verification process keeps out bad actors and ensures a .BANK at the end of an email address or website means you are interacting with a bank and not someone or something pretending to be your bank.
There are nearly 800 banks that have already moved to their more secure .BANK domain for protection against phishing, spoofing, and other cyberattacks that lead to breaches, malware, ransomware, BEC, identity theft, and financial fraud.
.BANK adds robust layers of cybersecurity to protect a bank’s website and email channel and eliminate the risks leading to the most pervasive cyberattacks.
To guard against a phishing attack that targets your customers and damages your reputation an email protocol known as Domain-based Message Authentication, Reporting, and Conformance (DMARC) is a must to protect your email channel and is required in .BANK.
How DMARC stops phishing and BEC
The Global Cyber Alliance estimates that adopting and deploying DMARC at enforcement can lead to a cost savings of $302,000 annually for large businesses. These savings come just from reducing BEC.
DMARC provides a domain owner with three tools:
- A method to prevent phishing and spamming abuse of your domain by stopping illegitimate senders’ emails from getting delivered
- A way to increase visibility into your email channel so your brand identity and reputation are protected
- A way to improve the security of your email channel by delivering only authenticated emails (your authorized senders)
When you add DMARC at enforcement, your domain will be protected, especially when combined with a Sender Policy Framework (SPF) record, which identifies who is authorized to send on behalf of your domain. Adding a DomainKeys Identified Mail (DKIM) record enhances your email authentication further.
However, SPF and/or DKIM alone will not protect your domain from phishing and spamming abuse. They need to have a DMARC record to instruct mail handlers on how to treat illegitimate senders’ mail.
To check if your domain is protected or vulnerable, try Valimail’s free domain checker. You’ll see if your bank’s domain is safe or at risk.
The power of DMARC and .BANK
A single phishing attack can cost your bank $1.4 million in lost funds and costs to investigate. The reputational cost is far worse.
Using DMARC and a .BANK domain together provide a trusted and more secure email channel that will stop phishing attacks. Employees, vendors, and customers can simply “look for the .BANK” to avoid engaging with dangerous emails and websites which lead to breaches, ransomware, identity theft, and fraud.
.BANK empowers customers to know it’s your bank and not a lookalike. You can have peace of mind knowing that bad emails won’t get to the inbox of your customers or staff and that your reputation is secure.
Get started with email authentication
Every business should have email authentication to secure its email channel and online reputation, which is paramount in the banking sector. Combining a .BANK domain with email authentication combats most email attacks that target banks of all sizes.
Secure your banking domain by working with Valimail and .BANK. To begin your DMARC implementation, sign up for a free Valimail Monitor account today.
About the partners
fTLD operates the .BANK domain, which is designed exclusively for banks and their cybersecurity needs. Connect with fTLD to get started with .BANK.
Valimail is the global leader in zero-trust email solutions. Accelerate your journey to DMARC enforcement through the use of easy and automated tools.