Maybank said it will fully migrate to a more secured authentication method via Secure2u by June 2023 for online activities or transactions relating to account opening, fund transfers, and payments as well as changes to personal information and account settings.
The group said this will be in line with Bank Negara’s steer for Banks to migrate from SMS One Time Passwords (OTP) to more secure authentication for these transactions.
Currently, Maybank only allows one Secure2u device per account holder (per customer) to minimise the possibility of a customer’s online banking details being compromised or used by any third party. As an added security measure, Maybank alerts a customer via SMS, push notification, and email when Secure2u is registered on a new device.
Dato’ Khairussaleh Ramli, Group President & CEO of Maybank said this is in line with the Bank’s effort to prioritise at all times the safety and security of its customers’ funds and online banking transactions.
“We are also supportive of Bank Negara Malaysia’s announcement on 26 September 2022 in relation to the five measures to be adopted by banks in Malaysia to ensure higher standards of security, especially for Internet and mobile banking services. The banking industry is committed to working together to combat financial scams which are increasingly prevalent in today’s digitalised environment.”
Maybank will also introduce a cooling-off period when customers enable Secure2u on a different device to help prevent unauthorised Secure2u approvals by the fourth quarter of 2022. The cooling-off period before the activation of Secure2u on a new mobile device will provide sufficient time for customers to verify and report to the Bank in case of any unauthorised registration.
The introduction of the cooling-off period for first-time enrolment of Secure2u or when a new device is registered on Secure2u is an added measure that the Bank will implement in an attempt to mitigate the rise in financial scams seen nationwide and in an effort to continuously safeguard Maybank’s customers’ account details and funds.
In term of tightening fraud detection rules and triggers for blocking suspicious transactions, Maybank has a fraud detection and monitoring system with customised rules and additional risk parameters. Besides that, the Bank has in place a call back verification process to alert customers of suspicious transactions.
