Bank of Maldives (BML) has enabled authenticator apps to generate One Time Passwords (OTPs) for all transactions processed via Internet and Mobile Banking.
An authenticator applications downloaded on a smartphone or a tablet creates unique, time sensitive code every 30 seconds. BML said that the authenticator app which is unique to every customer can be can be activated on Internet or Mobile Banking.
Following BML’s announcement – the bank said customers can now download and activate an authenticator such as Google Authenticator or Microsoft Authenticator to generate unique OTPs to authorize transactions. They noted that once activated, the Authenticator will be listed as an OTP option for transactions.
Commenting regarding commencement of using authenticator apps – BML’s CEO Karl Stumke said that underscored that email accounts often compromised in scam cases and as a result, OTPs sent to emails are accessed by scammers to make unauthorized transactions from customer accounts.
“With the introduction of authenticator apps, our customers now have an additional layer of security in their banking transactions, even if an email account has been comprised. Scams evolve over time and while we will continue our efforts to protect our customers, we urge everyone to be aware of scam tactics and never share personal information with anyone,” he added.
BML also noted that starting today, customers will also receive real-time notifications to the Mobile Banking app for all account related transactions.
Moreover, from December 20th onwards - email will not be available as a default OTP channel. However, customers who wish to keep email as an OTP channel can enable email OTP after a verification process, said the bank.