BML assures no financial loss despite card information breach

Bank of Maldives (BML) has assured customers that they will not suffer any financial loss even if their card information is compromised.

The bank said, that in collaboration with international card associations, it consistently monitors and safeguards card security to prevent unauthorized disclosure of card details.

According to BML, the card associations promptly notify the bank of any instances where card data may have been compromised. In such cases, the bank takes immediate action by blocking affected cards and issuing replacements to customers.

Customers are also provided the opportunity to dispute any unauthorized transactions or those involving undelivered goods or services, in accordance with the bank’s procedures and the regulations of the respective card associations.

BML highlighted that its card and payment systems comply with Payment Card Industry Data Security Standards (PCI DSS), and also follow the security protocols of international card associations, including Visa 3D Secure, MasterCard SecureCode, and American Express SafeKey.

The bank has implemented a thorough verification process for online transactions, utilizing multi-factor authentication to enhance protection.

BML noted that globally, card data may sometimes be exposed due to breaches in merchant or e-commerce platforms, which can result in compromised card details appearing on public domains.

Such incidents are not limited to BML and impact millions of cardholders worldwide. However, the bank reassured that customers will not incur losses in these cases.

The statement comes amid rising public concern over reports of BML card data being compromised and subsequent unauthorized transactions.