BOV enhances security measures for customer authentication

To protect customers from fraud and financial crime, Bank of Valletta has introduced new initiatives aimed at enhancing security when customers call the Customer Service Centre or conduct transactions in person at its Branches. The latest initiatives include a more secure customer authentication process when calls are made to the Bank’s Customer Service Centre, along with an SMS notification sent directly to accountholders when they withdraw cash in person at a BOV Branch.

Customers who call the Customer Service Centre are used to replying to security questions before receiving assistance from one of the Bank’s Call Centre Agents. With the recent changes, customers who are registered for BOV Electronic Banking services can log onto their BOV Internet and Mobile Banking once they initiate the call, triggering a legitimate automated process rendered more secure by a customer’s unique login password or biometrics. Customers then identify themselves by stating their name and surname, date of birth and ID number. This combines multiple verification methods in a simpler and faster manner, saving around five minutes of authentication along the way, thereby increasing both efficiency and security simultaneously.

Another recent introduction is the SMS notification being sent out when a transaction occurs over the counter at one of the Bank’s branches. As a result of this new notification service, all cash withdrawal transactions effected will trigger a notification to alert customers and enhance peace of mind and security. This is also very useful in specific instances where a third party can legitimately transact on behalf of the account holder. By means of an SMS on their registered mobile number, customers are being informed of the transaction that has just occurred.

Citing the latest operational improvements, BOV Chief Operations Officer, Ernest Agius, praised the teams involved in improving the Bank’s processes while at the same time enhancing the experience of its customers. “At Bank of Valletta, change is constant. We strive to improve our internal processes, as they, in turn, lead us to better serve our customers. Every process improvement requires time, dedication and commitment from various units across the Bank, and the latest enhancement was a collaborative effort that had one single objective - that of improving customer security. While it is important that customers provide us with the latest updated personal information, and in the case of account notifications, the correct mobile number, we invite our customers who as at today are not registered for BOV Electronic services to call at our Branches or contact our Customer Service Centre to facilitate the registration.”

The Head of BOV Personal Banking Channels, Geoffrey Ghigo welcomed the new initiatives and promised that the Bank will keep on prioritising customer security. “Our 24/7 platforms offer convenience and easy access to finances and also provide real-time account activity. I encourage customers to log in often and check balances and transactions. Authenticating customers when calling our Customer Service Centre is essential. We understand that it may have been lengthy at times, but it remains important nonetheless. The new process is now faster and even more secure. When it comes to over-the-counter transactions, the new SMS notification will offer our customers further peace of mind, offering additional layers of security."

The Bank reminds its customers that these notifications never ask customers to click on links or visit specific websites. This is in line with the Bank’s continuous efforts to protect customers and encourage them to remain vigilant in the wake of increased fraudulent activity and threats from scammers and fraudsters. If at any time customers become suspicious of any transaction, they are asked to immediately inform the Bank.