Bank of Maldives (BML) has introduced a self-service Kill Switch to disable access to Internet Banking and cards in emergencies as part of the ongoing efforts to enhance security and protect its customers from scams.
The Kill Switch is a single which action allows customers to immediately log out of all active Internet and Mobile Banking sessions as well as freeze their cards in case of scams, preventing any further transactions from taking place. The feature, available on the Internet Banking login page, is a self-service function which can be activated by customers without contacting the bank. Customers will only be able reactivate their Internet Banking and cards following a stringent verification process through the Contact Centre or by visiting the nearest branch once the Kill Switch is enabled.
The national bank has taken several steps to protect customers from scams over the past months including introducing Two Factor Authentication (2FA) for Internet and Mobile Banking logins, enabling One Time Passwords (OTP) for all Scan-to-Pay payments in addition to alerts for all login attempts on Internet and Mobile Banking. Last year, the bank also introduced OTPs via authenticator applications, disabling email as a default OTP channel and began sending push notifications for all Internet and Mobile Banking transactions.