2nd January 2025 - 2 min read
Maybank has launched a first-in-market security feature called Money Lock on its MAE App, designed to protect customers’ funds from online scammers. This feature allows users to lock a specific amount in their savings or current accounts, preventing digital access to those funds.
Money Lock provides users with flexibility in managing their account security. Customers can choose to lock as little as RM10 or up to the full balance of their accounts. Additionally, the locked amount can be increased at any time directly via the app, without incurring any fees or restrictions on the number of activations.
Syed Ahmad Taufik Albar, Group CEO of Community Financial Services at Maybank, noted that this feature, already successful in Singapore, underscores Maybank’s commitment to safeguarding customers’ finances across the region.
“With Money Lock, Maybank is the first bank in Malaysia to enable customers to digitally lock funds in the existing savings and current accounts of their choice. Enhancing online banking security, Money Lock empowers customers with confidence, enabling them to conduct online banking transactions securely and without worry.
“Customers will also continue to earn the same interest or profit rate on the locked funds, as part of their account balance,” he said.
Activating Money Lock requires customers to select their desired account, specify the amount to be locked, and approve the transaction through Secure2u. To unlock or reduce the locked funds, users must visit a Maybank ATM or branch for a quick verification process, ensuring that the funds remain secure at all times. Once verified, the funds are immediately unlocked or adjusted, according to the customer’s request.
The locked funds are safeguarded against all online banking and ATM activities, including transfers, withdrawals, debit card usage, bill payments, and other transactions. This added layer of security is designed to prevent unauthorised access and protect customers from potential scams.
For more information about the Money Lock feature, customers may visit maybank.my/MoneyLock.
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
Comments (0)