The Bank of Maldives (BML) is one of the largest financial institutions in the country, and as such, it has a responsibility to ensure the safety and security of its customers’ financial information. In addition, the bank has a duty to act in the best interests of their customers, and establish a secure and reliable system. Unfortunately, recent events have shown that BML has failed to uphold this fundamental responsibility as a financial institute.
Last couple of years, many customers of BML have fallen victim to scam calls and other fraudulent activities that have resulted in significant financial losses. Despite these incidents, the bank has been slow to respond and has failed to implement the necessary security measures to protect its customers’ accounts, causing loss of trust and negative impact on its reputation. Consequently, the institution’s role in these fraudulent activities has been brought into question.
Furthermore, some customers have reported suspicious activity on their accounts that appears to be the result of inside information. This has raised questions about the bank’s internal security measures and the possibility that some employees may be using their positions to profit from fraudulent activities.
It is important to highlight that, while an alarming number of BML customers have been experiencing a surge in scam calls and security breaches, customers of other banks in the country have not reported similar incidents. As only one bank seems to have been singled out for these fraudulent activities, BML has been faced with some uncomfortable allegations. Additionally, the impact of these scams on customers of the bank has been devastating. According to reports, Maldives Police Service have received over 1000 cases of scams in 2022 alone and over MVR 23 million (equivalent to US$ 1.5 million) have been lost from customer accounts as a result of these scams.
This situation is entirely unacceptable to those who rely on the bank to protect their hard-earned money, particularly in this ravaged economic climate. These losses have had a significant impact on the affected customers, many of whom have lost their life savings or have been left in a precarious financial situation. BML must take responsibility for these losses and work harder to recover and compensate the affected customers. In addition, moving forward, it is imperative that the bank takes the necessary steps to proactively protect their customers. Banks hold a significant responsibility in securing their customers’ money and financial information and BML has failed to safeguard this fundamental trust between a financial institution and its customers.
While BML denies any involvement in the recent increase in scam calls and security breaches, there are reasonable concerns that the institution may be complicit in these fraudulent activities. BML has a duty to protect its customers’ financial information and uphold their trust in the bank. The recent increase in scam calls and security breaches is a clear indication that the bank has failed in this duty. Is it time for us to switch to another bank?