Bank of Maldives (BML) has introduced a self-service ‘Kill Switch’ to disable access to internet banking and cards during emergencies.
The feature allows customers to immediately log out of all active internet and mobile banking sessions and freeze their cards in case of scams, preventing transactions from taking place.
BML stated that the feature is available on the internet banking login page as a self-service function that can be activated by customers without contacting the bank.
“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,” BML CEO and Managing Director Karl Stumke said.
Once the “Kill Switch” is enabled, customers will only be able to reactivate internet banking and cards following a stringent verification process through the bank’s contact centre or by visiting a bank branch.
According to BML, they have taken several steps in the past months to protect customers from scams.
In May, BML introduced Two Factor Authentication (2FA) for internet and mobile banking logins and One Time Passwords (OTP) were enabled for all Scan-to-Pay payments in addition to alerts for all login attempts in March.
Last year, the bank also introduced OTPs via authenticator apps, disabling email as a default OTP channel and began sending push notifications for all internet and mobile banking transactions.
