Bank of Maldives Introduces ‘Kill Switch’ To Further Enhance Its Online Security Features

On Wednesday, the Bank of Maldives launched the self-service ‘Kill Switch’ which would enable customers to disable access to their Internet Banking and cards during emergencies. The introduction was made as part of the Bank’s ongoing efforts to enhance security and protect its customers from scams.

The ‘Kill Switch’ is a single action that allows customers to instantly log out of all their active Internet and Mobile Banking sessions and freeze their cards. In a scam case, this feature would be highly valuable as it could prevent any further transactions from taking place from the account. The Kill Switch debuted on the Internet Banking login page and is a self-service function which can be activated without contacting the Bank.

Speaking on the security enhancement, the CEO & MD of BML, Karl Stumke remarked: “This feature has been launched as part of a series of steps taken by the Bank to strengthen measures against scams. In the event a customer recognizes they have been scammed, they can now take the first step of freezing their cards and Internet Banking at any time.”

After enabling the Kill Switch, customers can then only reactive their Internet Banking and cards through a stringent verification process via the Contact Centre or by visiting the nearest branch. In the past few months, BML has taken multiple measures to protect its customers. Last month, the bank introduced Two Factor Authentication (2FA) for Internet and Mobile Banking logins. This new security feature will be able to verify that the login is made by the registered customers.

Earlier in the year, BML enabled One Time Passwords (OTPs) for all Scan-to-Pay payments in addition to alerts for all login attempts on Internet and Mobile Banking. In 2022, the bank also launched OTPs via authenticator apps, disabling email as a default OTP channel and began sending push notifications for all Internet and Mobile Banking transactions.

To activate Kill Switch, customers can visit the Internet Banking login page from the Bank’s website: www.bankofmaldives.com.mv. Choose ‘Kill Switch’ and enter their ID card number and OTP to confirm the action. Once Kill Switch is enabled, confirmation will be received on screen as well as by SMS. BML also has card freeze/ unfreeze feature on Internet Banking and Mobile Apps too which can inactivate cards temporarily.