The national bank, Bank of Maldives (BML) has assured its customers that they will not suffer any financial losses even if their bank card information is compromised.
BML said the bank’s card and financial transaction systems are designed in line with international security standards for financial transactions, with verification system and multi-factor authentication in place for online financial transactions. However, in cases where foreign currency transactions are hacked and cardholder information is disclosed, it may be exposed on public domains, the bank warned. Similar situations have been encountered by millions of customers of card issuers across the world, BML said.
BML said the bank will be familiar with situations where various foreign currency transactions are hacked and information is disclosed. The bank also ensures the security of the card and monitors vigilantly for any disclosure of card information, the bank assured.
BML said in the event of information disclosure or data compromise, the bank will immediately block the card and issue a new card. If any financial loss is caused to customers in such situations, the customer will be given the opportunity to dispute the transaction and recover the lost funds, the bank said.
BML reaffirmed its commitment to ensuring the safety and security of money in online transactions through the bank.