Bank of Maldives (BML) has introduced two-factor authentication (2FA) feature for mobile banking logins.
According to the bank, the new security feature update, which adds an extra layer of verification to ensure that the login is by the registered customers will be available to all registered internet banking customers.
Following the update, the customers will be required to enter a one-time password (OTP) as the second step to the log-in process, which will be generated from the authenticator app or sent directly to the customer’s registered mobile number.
To access the new feature, BML requested all registered internet banking customers to update their mobile banking apps. With the added security layer, the username for the online banking account will be sent directly to the registered mobile number and the password will be sent to the customer’s registered email address.
BML affirmed its efforts to protect customers by making additional security changes to prevent scams and fraudulent withdrawals.
Earlier in March, BML introduced one-time passwords (OTPs) for Scan-to-Pay transactions, and enabled alerts for all login attempts on internet and mobile banking.
The bank also integrated authenticator apps to generate OTPs and disabled email as a default OTP channel, and began sending push notifications for all internet and mobile banking transactions.