Bank of Maldives Strengthens Security For QR Payments

Bank of Maldives (BML) has announced that it will enable One Time Passwords (OTPs) for all QR Payments in an effort to further strengthen security features for transactions conducted through the BML Mobile Banking app. Once this update is effective, customers will be able to make Scan to Pay transactions of any amount using an OTP that is generated via Authenticator, SMS, or email.

With scams increasingly becoming prevalent in the community, BML has taken several steps to protect its customers from fraudulent scammers. In December 2022, the Bank facilitated authenticator apps to generate OTPs for all transactions processed through Internet Banking and Mobile Banking. This protects customers at times when their personal email account has been compromised.

By the end of March, BML will announce further security enhancements to further augment its security. With scams evolving over time, the bank has urged customers to be aware of scam tactics and never share personal information with anyone. Some tips shared by the bank to be cautious include:

· BML will never send SMS with website links. Even if it looks like its from BML, do not click on any links and do not enter your details. Remember that SMS or calls can be “spoofed” to seem like it comes from “BML” or another trusted party.
 
· Do not open suspicious texts, pop-up windows or click on links or attachments in SMS and emails.
 
· A One Time Password or OTP is used as a security measure. Never share any OTPs you receive with anyone, even if it seems genuine.
 
·Change your passwords frequently. This includes your banking password as well as email passwords. Choose passwords that would be difficult for others to guess.

·Do not save your email or banking passwords on your browser. If your email account is compromised, saved Usernames and Passwords will be easy to access.
 
·Check the website links properly. Secure sites including Internet Banking will always have a “lock” symbol on the address bar. Never follow links to go to Internet Banking. Scammers can create web pages that look very similar to Internet Banking to lure you into entering your Username and Password.
 
·Check your notifications. BML will send Internet Banking login notifications to your registered email for every login. Change your password as soon as possible if you receive a notification that you do not recognize or if you think your credentials could be compromised.