BML introduces two-factor authentication for online banking logins

The Bank of Maldives (BML) has introduced two-factor authentication (2FA) for mobile banking logins.

The country’s national bank revealed via a statement on Sunday, that this was done as a further step to protect its customers.

BML revealed that the two-factor authentication for mobile banking logins will be implemented for internet banking, within a week’s time.

The new update means that an extra step of security will be added to verify that the login is by the registered customer.

The country’s national bank went on to reveal that once updated, customers will be asked to log-in to their Mobile Banking app and will be required to enter a onetime password or OTP as a second step to the log-in process.

The OTP can be generated through the authenticator app or sent to the registered mobile number.

Assuring that the bank will continue its efforts to protect its customers, BML stressed that scams evolve over time.

The bank in March this year enabled OTP for all Scan-to-Pay payments and enabled alerts for all login attempts on Internet or Mobile Banking.

BML also introduced generating OTPs via authenticator apps, disabling email as a default OTP channel and began sending push notifications for all Internet and Mobile Banking transactions.

The country’s national bank has urged its customers never to share personal information with anyone.

Customers are also adviced to change passwords regularly and to ensure strong passwords are used.