With this two-factor authentication to be officially implemented in the coming week, customers can expect a request to enter an OTP once they log into the mobile banking app, as an added security.
Bank Of Maldives
In today’s digital era, where technology plays an integral role in our day-to-day lives, the importance of cyber security has become extremely evident. With a majority of our day-to-day tasks, education and even our jobs heavily adopting the internet and e-learning, individuals and organisations face an ever-growing threat of cyber attacks. And while cyber-attacks are nothing new for most of us, with every new technological development, it appears that these hackers are getting more and more creative in their attacks, often targeting people through tactics that are harder to recognise every day.
Often targeting the vulnerable such as the older generations, cyber-attacks have started getting more malicious by the day. When it comes to the Maldives, the biggest threat in recent years has become attacking people’s personal information in order to get their banking details. While any form of cyber-attack can be hard to deal with, financial attacks are often the worse for many as these hackers tend to take thousands, if not all of the money that is in a person’s bank account.
With such financial cyber attacks having become more common in the Maldives, the Bank of Maldives (BML) has been taking several steps in order to ensure safe banking in the country. While the bank is constantly issuing warnings and reminders to their customers regarding phishing and clickbait links which allow the hackers to easily access the person’s personal information and leaves them vulnerable to financial cyber-attacks, the bank has also been putting in some effort towards strengthening its banking system in order to further protect its customers from such attacks.
One of the major steps that the bank has taken thus far includes measures such as introducing scan pay as well as enhancing security for payments by removing the mail OTP as a default, as hackers tend to hack into personal mail and tap into people’s bank accounts.
But now, the bank has taken another additional step by introducing two-factor authentication to its online banking application. With this two-factor authentication to be officially implemented in the coming week, customers can expect a request to enter an OTP once they log into the mobile banking app as a second step in addition to the password. With the previous measures, OTP can now only be generated through a customer’s mobile number or an authenticator app, giving customers even more cyber safety as this ensures only the customer can log into their online banking account.
With this update, it is certain that a lot of BML users who are currently residing abroad will have a lot of concerns as they might not have access to their Maldivian mobile numbers. In order to clear these questions, the bank has also stated that customers residing abroad can send an SMS from their foreign mobile number to 7990200 or 9990200 to get assistance from the bank.
