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Two arrested for Bank of Maldives internet banking scam

Malika Shahid
22 February 2023, MVT 12:25
[File] Police headquarters, Shaheed Hussain Adam Building: Two men have been arrested for BML internet banking scam
Malika Shahid
22 February 2023, MVT 12:25

According to the Maldives Police Service, two men have been arrested for allegedly stealing information to access Bank of Maldives' (BML) internet banking and buying goods worth over MVR 200,000 through QR code scanning.

The arrests were made on Saturday, and the two men, a 25-year-old and a 27-year-old, have been remanded in custody for 15 days.

As a result of a steady increase in fraudulent QR code transactions, BML has limited QR code scanning transactions to MVR 750 starting February 21. In addition, the mobile wallet is limited to 10 transactions per customer per day.

BML did not previously have a limit on QR code scanning transactions, but the bank has now set a limit to reduce customer losses caused by fraudulent transactions.

The increased use of fraud to obtain internet banking usernames and passwords, as well as to make QR payments via the app, has sparked outrage and criticism.

To avoid such scams, BML advises not to open links in scam messages sent in the name of various institutions. The bank also sends notifications whenever a customer logs into internet banking and requests that they immediately reset their internet banking password if a login is made without their knowledge.

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