A few days ago, I wrote about a dangerous proposal at ICANN to reduce security of domain name transfers. They extended the public comment period by 2 weeks (which is still insufficient for me), so they’re now due August 16, 2022.
Here’s a simple metaphor to understand what’s really going on. Under the current system, it’s like owning a savings account at Citibank (where it’s protected by 2FA, etc.). You want to transfer that to Wells Fargo (where it would also be protected by 2FA, etc.). You request the transfer (between banks) and they coordinate it securely (with checks and balances throughout). It’s a safe process, a verified process.
Instead, under the new “faster and easier” proposal, to make things “better”, they want you to convert your savings account into a BEARER BOND at your Citibank Branch (i.e. the new TAC, transfer authorization code, formerly known as the AuthInfo code is essentially the ‘keys to the kingdom’ so that anyone holding that code controls the future of that domain), and then walk it across the street or across town to deposit it at your Wells Fargo account. What could possibly go wrong?
Maybe if it’s a $10 ‘asset’, converting it into a bearer bond (or cash, for a less interest metaphor, with a less creative blog post title) is no big deal. But, if it’s a $1 million asset or $640 million asset**, you start to get a little bit worried! So, I’ve been vehement that there are inherent risks carrying around a bearer bond, even for a short time! No, no, they say….this is BETTER! LOL You’re crazy, George, bearer bonds are the way, they say! Can’t you see it?
So, I’m trying to argue for at least a “certified cheque” with my name on it, or better yet a WIRE TRANSFER between banks (secure, just a little bit slower). But, they insist on BEARER BONDS as being the future!