Bank of Maldives (BML), in an additional effort to protect its customers, introduced Two Factor Authentication (2FA) for internet banking logins on Thursday.
The bank introduced 2FA for mobile banking logins on May 7th. The application needs to be updated to use 2FA authentication.
2FA ensures an extra layer of security to verify that the login is by the registered customer.
The new update will require customers to log in while they will also be asked for 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.