BML enables authenticator apps for online banking

Bank of Maldives (BML) has enabled authenticator apps to generate One Time Passwords (OTPs) for all transactions processed via Internet and Mobile Banking.

BML made the announcement on Friday.

With this announcement, the bank's customers can now download and activate an authenticator such as Google Authenticator or Microsoft Authenticator to generate unique OTPs to authorize transactions.

Once activated, the Authenticator will be listed as an OTP option for transactions.

BML’s CEO, Karl Stumke commented that email accounts are often compromised in scam cases and as a result, OTPs sent to emails are accessed by scammers to make unauthorized transactions from customer accounts. He went on to note that customers will now have an additional layer of security in their banking transactions, even if an email account has been comprised.

Karl also noted that scams evolve over time and urged everyone to be aware of scam tactics and never share personal information with anyone. He also noted that the bank will continue their efforts to protect the customers.

BML states that email will not be available as a default OTP channel, from 20th December 2022 onwards and that customers who wish to keep email as an OTP channel can enable email OTP after a verification process.

An authenticator is an application installed on a smartphone or tablet to create a unique, time sensitive code every 30 seconds. The authenticator app can be activated on Internet or Mobile Banking and is unique to each individual customer.