Link validation not working properly

I seem to be having issues with link validation: when I enter weird characters like an asterisk or commas or whatever, validation works as it should. However, when entering things like 'site' or 'site.com', i.e. no valid links because they lack 'http://', validation does not work.

I assume this is not normal behavior? The module is not doing this because it assumes 'site' is a local path or something right?