BML introduces two-factor authentication for online banking logins

The Bank of Maldives (BML) has introduced two-factor authentication (2FA) for mobile banking logins.

According to BML, the new security update, which adds an extra layer of verification to ensure that the login is by the registered customers will be available to all registered internet banking customers.

After the update, customers will be required to enter a one-time password (OTP) as the second step to the log-in process, which will be generated from the authenticator app or sent directly to the customer's registered mobile number via SMS.

To access the new feature, BML has requested all registered internet banking customers to update their mobile banking applications. With the added security layer, the username for the online banking account will be sent directly to the registered mobile number, while the password will be sent to the customer’s registered email address.

BML affirmed that its efforts to protect customers by making additional security changes to prevent fraudulent withdrawals.

Earlier in March, BML introduced several security measures, including enabling one-time passwords (OTPs) for Scan-to-Pay transactions, enabling alerts for all login attempts on internet and mobile banking, and generating OTPs via authenticator apps. Additionally, BML disabled email as a default OTP channel and started sending push notifications for all internet and mobile banking transactions.

The bank continues to advise its customers to never share personal information with anyone, change their passwords regularly, and use strong passwords to protect their accounts.