The Bank of Maldives (BML) has introduced authenticator apps to generate one-time-passwords (OTPs) for all Internet and Mobile banking transactions.
Customers can now download and activate an authenticator such as Google Authenticator or Microsoft Authenticator to generate unique OTPs to authorize transactions. Upon activation, the authenticator will be listed as an OTP option for transactions.
Authenticator applications create unique, time-sensitive codes every 30 seconds. The application can be activated on Internet or Mobile Banking platforms, and is unique to each individual customer.
Meanwhile, the bank has stated that email will be removed as an option on the OTP channel, effective from December 20, 2022. Customers wishing to keep email as an option can still enable it after a verification process.
Speaking about the changes, the bank’s CEO Karl Stumke said, “Email accounts are often compromised in scam cases and as a result, OTPs sent to emails are accessed by scammers to make unauthorised transactions from customer accounts. With the introduction of authenticator apps, our customers now have an additional layer of security in their banking transactions, even if an email account has been compromised”.
Stumke also highlighted that scams were evolving over time, while assuring that the bank will continue its efforts to protect customer’s critical data.
The bank also urged its customers to be wary of scam tactics and refrain from sharing personal information.
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