Islamic financial services provider Ithmaar Bank has introduced a new security capability to for online financial transactions susceptible to fraud.

The newly introduced feature will generate a new password each time a customer attempts a potentially high risk transaction, such as transferring funds to a third party. The new password will instantly be sent to the customer's mobile device as a text message. Customers will be unable to complete the transaction until the password is sent back to the online portal.

Bahrain-based Ithmaar Bank is a provider of financial services in the field of investments, asset management, commercial and private banking.