Bank of Maldives BML has introduced Two Factor Authentication (2FA) for Mobile Banking logins today as a further step to protect its customers.
BML said that this will be implemented for Internet Banking within a week. With the new update, an extra layer of security will be added to verify that the login is by the registered customer.
It said that once updated, customers will be asked to log in to their Mobile Banking app and will be required to enter 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 noted that scams evolve over time and assured that it will continue its efforts to protect customers.
In March 2023, the Bank enabled One Time Password (OTP) for all Scan-to-Pay payments and enabled alerts for all login attempts on the Internet or Mobile Banking.
The Bank 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.