Bottom line: A $25 template is being used to build hundreds of fake bank domains to support scams.
What's happening: Researchers from Allure Security reviewed a domain that resembled the brand of one of its financial services clients, including Bank of America, Bank of Baroda, and Bank of China. The suspicious website featured a phrase on the domain that triggered an investigation into the creation of phantom banks.
What to do: Security leaders should be vigilant about monitoring domain registration activity and investigate any suspicious domains that resemble their financial institutions.