Bank of Maldives (BML) has introduced a ‘kill switch” feature to strengthen the security of internet banking and bank cards.
The bank stated that the implementation of this measure is aimed at safeguarding customers from fraudulent activities and enhancing overall security. The introduction of the new feature will allow customers to promptly suspend card services during emergency situations.
The “Kill Switch” will logout all active mobile banking sessions and freeze the card.
After using the “Kill Switch” feature, customers would need to visit one of the branches of BML to reactivate their cards and restart usage of internet banking services. A verification process will be carried out before reactivation.
Chief Executive Officer and Managing Director of BML Karl Stumke said that as a first step the new feature will allow customers to instantly freeze their cards and internet banking services upon detecting any fraudulent activity.
Earlier this year, BML implemented various security measures in response to the increase in fraudulent withdrawals. In May, the bank introduced two-factor authentication to its mobile application, adding an extra layer of security for customers. Additionally, BML removed the limit for QR payments by enabling the use of One-time passwords (OTP) for such transactions. As part of their security enhancements, the bank also discontinued the practice of sending OTPs to email addresses to ensure the safety and protection of customer accounts and transactions.