Bank of Maldives (BML) has introduced Two Factor Authentication (2FA) for mobile banking logins. It will be implemented for Internet banking within a week. An extra layer of security will be added to verify that the login is by the registered customer following the update.
BML stated that customers will be asked to log in to their mobile banking app and will be required to enter a One Time Password (OTP) as a second step to the log-in process once updated. The OTP can be generated through the authenticator application or sent to the registered mobile number.
BML stated that scams evolve over time and the bank will continue its efforts to protect customers. In March 2023, the bank enabled OTP for all Scan-to-Pay payments and enabled alerts for all login attempts on the Internet or mobile banking. The bank also introduced generating OTPs via authenticator applications, disabling email as a default OTP channel and began sending push notifications for all Internet and mobile banking transactions.
BML also urged its customers never to share personal information with anyone. Customers are advised to change passwords regularly and to ensure strong passwords are used.