BML introduces two-factor authentication for online banking

Bank of Maldives' mobile banking application displayed on a phone.

Bank of Maldives (BML), in an additional effort to protect its customers, introduced Two Factor Authentication (2FA) for Mobile Banking logins on Sunday.

The national bank notes the Two Factor Authentication will also be introduced to Internet Banking within a week.

The new update ensures an extra layer of security to verify that the login is by the registered customer.

Once the Mobile Banking app is updated – customers will be asked to log in while they will also be required to an OTP (One Time Password) as a second step in the log-in process. The OTP can be generated through the authenticator app or sent to the registered mobile number.

BML has taken various steps to ensure protection for its customers as scams evolve over time. In this regard, the bank enabled One Time Password (OTP) for all Scan-to-Pay payments and enabled alerts for all login attempts on Internet or Mobile Banking. Additionally, they have also introduced generating OTPs via authenticator apps, disabling email as a default OTP channel and began sending push notifications for all Internet and Mobile Banking transactions.

BML urged its customers against sharing personal banking information with anyone. They have also been advised to change passwords regularly and to ensure strong passwords are used.