BML enhances online security with introduction of 'Kill Switch'

Bank of Maldives has taken a significant step in its ongoing efforts to enhance customer security by introducing a new self-service feature called the 'Kill Switch.' This feature allows customers to disable access to Internet Banking and freeze their cards in emergency situations, providing immediate protection against scams.

The 'Kill Switch' is a simple yet powerful action that enables customers to log out of all active Internet and Mobile Banking sessions, preventing any further transactions from taking place. It can be easily activated by customers without the need to contact the Bank, as it is conveniently available on the Internet Banking login page.

Karl Stumke, the CEO and Managing Director of Bank of Maldives, highlighted the significance of this new feature, stating that this feature has been launched as part of a series of steps taken by the Bank to strengthen measures against scams.

He said that in the event a customer recognizes they have been scammed, they can now take the first step of freezing their cards and Internet Banking at any time.

Once the Kill Switch is enabled, customers will need to undergo a stringent verification process through the Contact Centre or by visiting the nearest branch in order to reactivate their Internet Banking and cards.

The introduction of the 'Kill Switch' complements other security measures that Bank of Maldives has implemented in recent months. In May, the Bank introduced Two Factor Authentication for Internet and Mobile Banking logins, providing an additional layer of security to verify the identity of customers.

 In March, One Time Passwords (OTP) were enabled for all Scan-to-Pay payments, along with alerts for all login attempts on Internet and Mobile Banking.

Last year, the Bank also introduced OTPs via authenticator apps, discontinued email as the default OTP channel, and started sending push notifications for all Internet and Mobile Banking transactions.