- Compliant with Bank Negara directive for secure authentication
- Introduce a cooling-off period to allow customers to activate Secure2u
Maybank will fully migrate to a more secure authentication method via Secure2u by June 2023 for online activities or transactions related to account opening, fund transfers and payments as well as changes to personal information and account settings.
In a statement, the bank said this is in line with Bank Negara’s goal for banks to migrate from SMS one-time passwords (OTPs) to more secure authentication for such transactions.
Currently, Maybank said it only allows one Secure2u device per account holder to minimize the possibility of a customer’s online banking details being compromised or used by a third party.
As an additional security measure, the bank said it alerts a customer via SMS, push notification and email when Secure2u is registered on a new device.
Khairussaleh Ramli (Photo)Group Chairman and Chief Executive of Maybank, said this was in line with the bank’s efforts to prioritize the safety and security of its customers’ funds and online banking transactions at all times.
“We remain very committed to helping our customers avoid being scammed by fraudsters.
“This is being done through the existing security measures that are already in place and as we deploy more measures that can help deter or minimize the likelihood of customers falling prey to financial scams,” a said Khairussaleh.
He said the bank supports the announcement made by Bank Negara Malaysia on September 26 regarding the five measures to be taken by banks in Malaysia to ensure higher security standards, especially for internet and mobile banking.
“The banking industry is committed to working together to combat the financial scams that are increasingly prevalent in today’s digitalized environment,” he said.
Additionally, Maybank will introduce a cooling-off period when customers activate Secure2u on another device to help prevent unauthorized Secure2u approvals by Q4 2022.
The cooling-off period before activating Secure2u on a new mobile device will allow sufficient time for customers to verify and report to the bank in the event of unauthorized registration, Maybank said.
He said the bank introduced the use of Secure2u in April 2017 as a safer and more convenient way for Maybank customers to authorize Maybank2u and MAE transactions.
It uses secure verification (one-click approval) and secure transaction activation codes (a six-digit TAC number generated on the mobile app), Maybank said.
This feature is an alternative to SMS TAC, he said.
The introduction of the cooling-off period for the first registration of Secure2u or when a new device is registered on Secure2u is an additional measure that the bank will implement in an attempt to mitigate the increase in financial scams seen at scale. nationally and for the purpose of continually protecting the account details and funds of Maybank customers.
In terms of strengthening fraud detection rules and triggers to block suspicious transactions, Maybank said it has a fraud detection and monitoring system with custom rules and additional risk settings.
In addition, the bank has implemented a reminder verification process to alert customers of suspicious transactions, he added.
Maybank said it already has a dedicated 24/7 helpline for customers to report incidents of financial scams.
Customers are urged to contact the Fraud Hotline immediately on +603 5891 4744 if they suspect their bank details have been compromised or a suspicious transaction has taken place or even if they wish to suspend their bank account quickly, it said. -he declares.
Alternatively, customers can contact Maybank’s customer service hotline on 1 300 88 6688 above. This will allow the bank to quickly help customers to immediately prevent further losses.
Maybank said it would continuously share informative content on its Maybank2u website and on Facebook and Instagram, with the aim of reminding and educating customers about the dangers of scams.
He added that customers should regularly pay attention to these reminders so that they are informed of the latest scam methods to protect themselves.
Customers are also reminded to protect themselves at all times by ensuring that their online banking details are kept safe and are never shared with any third party, knowingly or unknowingly in attempted scams.