28th June 2023 - 3 min read
Maybank announced that it has completed its migration from SMS one-time passwords (OTPs) to its Secure2u security feature as the preferred authentication method for all online transactions and banking services moving forward. This serves as one of the bank’s key measures to combat financial scams.
In a statement, Maybank said that this migration is a sign of the bank’s commitment in prioritising its customers, ensuring that they will always enjoy a safe online banking experience. This is because Secure2u is a “safer and quicker way to approve your transactions”, with several layers of security put in place.
For instance, customers can only bind one Secure2u feature per account to one mobile device, thereby minimising the possibility of scammers performing unauthorised transactions via another device. Maybank also implemented a 12-hour cooling-off period when customers activate their Secure2u for the first time or on a different device.
In addition to announcing the completion of its SMS OTP-to-Secure2u migration, Maybank also reiterated that all Secure2u authorisation will be moved to its MAE by Maybank2u (MAE) app starting from 1 July 2023, ensuring that there is only one single point of authorisation moving forward. At present, only customers who recently activated their Secure2u are required to use the feature on the MAE app; those who had previously activated their Secure2u on the Maybank2u app are still allowed to continue using it on the older app. Come 1 July, this will no longer be the case – it will be mandatory for all customers to download the MAE app if they wish to authorise any of their online transactions.
Group president and chief executive officer of Maybank, Dato’ Khairussaleh Ramli explained that all of Maybank’s security measures were implemented with their customers’ best interests in mind. “Our customers are our priority and we take the security and safety of our online banking platforms seriously. We have taken multiple proactive initiatives in order to curb rising scams and safeguard our customers’ accounts, such as enabling only one Maybank2u access per device on the MAE app, since its launch in October 2022,” he said.
Other security measures that have also been implemented by Maybank include the tightening of fraud detection rules for suspicious transactions, removing hyperlinks from SMSes, having a dedicated 24/7 fraud hotline, and providing a Kill Switch for customers to deactivate online banking access or block their cards. These initiatives are all in line with Bank Negara Malaysia’s (BNM) directive for banks to beef up their online banking security.
“We are pleased that these initiatives, combined with our ongoing intensive scam awareness campaign to educate customers will continue to help our customers prevent financial loss and save their monies. Customers are becoming more aware of popular fraud modus operandi, and this year, we have seen the number of cases where customers call in to report suspicious messages, calls and phishing sites increase significantly. In fact, many customers have been successfully helped as they reached out to the bank quickly via the channels provided,” said Dato’ Khairussaleh.
Finally, Dato’ Khairussaleh urged customers to continue being vigilant in safeguarding their online banking credentials, complementing the bank’s ongoing efforts. These include practising good online banking behaviours, such as not sharing their passwords with family and friends, as well as not clicking on suspicious links shared via chat messages.
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