Bank of Maldives (BML) has enabled authenticator apps to generate One Time Passwords (OTPs) for all transactions processed through its internet and mobile Banking
BML stated that the authenticator apps are installable applications on smartphones and tablets that generates codes every 30 seconds for use over a period of time. The authenticator app can be activated for use in internet banking or mobile banking and will be tailored to each customer. Following the change, customers will be able to download and activate an app such as Google Authenticator or Microsoft Authenticator to generate the OTP required for transactions. Once activated, the Authenticator will be listed as an OTP option for transactions, according to BML.
Chief Executive Officer (CEO) Karl Stumke said BML is making efforts to protect its customers from criminal acts such as scams done to steal money. He said that the authenticator app will provide OTP access, adding that transactions will be more secure even in the event of an email compromise.
BML said that receiving OTP through email will not be included as the default channel. Customers who wish to include email as an OTP channel will be able to access the OTP after a verification process.