In line with Bank Negara Malaysia (BNM)’s guidance for banks to migrate to more secure authentication methods, UOB Malaysia is committed to fully migrate its customers to using UOB Mighty Secure by June 2023.
Customers will utilise their digital tokens to authenticate certain transactions on UOB personal internet banking (PIB) site and UOB Mighty app, including fund transfers, payments and changes to personal information and account settings, with this migration.
The UOB Mighty Secure replaces the use of SMS-OTP service, with customers no longer needing to obtain a one-time password via text message every time they wish to make a transaction. Its digital token, accessible via UOB Mighty app, incorporates a two-factor authentication process, providing more robust protection compared to SMS One-Time-Passwords (SMS-OTP) sent to mobile phones.
“UOB Malaysia fully supports the five measures announced by BNM to ensure greater security and protection for customers against scams. Cybersecurity is of paramount importance to us,” Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia remarked.
“As we continue to invest in our digital capabilities and online platforms, UOB Mighty Secure provides our customers an easy, convenient and secure way to authenticate transactions on our digital banking platforms. We will continue to enhance our
security features to enable customers transact securely online and protect them against financial scams,” Ng emphasized.
To safeguard customers at present, all banking transactions of RM10,000 and above performed via UOB’s website and UOB Mighty app must be authenticated with UOB Mighty Secure. Customers who register for UOB Mighty Secure via their UOB Mighty app will use a password that they pre-set themselves to authenticate certain transactions performed on UOB Mighty and PIB. This method is easier and more convenient than using an SMS-OTP which is a unique password that is automatically-generated and valid only for a short period of time.
The growth in usage of UOB Mighty Secure is also aligned with findings from the UOB ASEAN Consumer Sentiment Survey (ACSS) 2022, where more than six in 10 Malaysians surveyed said they wanted banks to implement multi-factor authentication for logins and transactions in order to gain their trust to use digital or online banking.
The study also found that more than 60 per cent of Malaysian respondents expect their online banking activities to increase in the next six months.
With this potential trend, the implementation of multi-factor authentication process such as UOB Mighty Secure digital tokens will be critical in providing further protection to consumers against online scams.
UOB Malaysia will also continue its efforts on raising awareness on scams through customer engagement initiatives at branches, as well as electronically through its official social media platforms, text messages and e-direct mailers. Customers who suspect that they had been scammed or had inadvertently disclosed their personal or bank information should immediately call UOB’s 24- hour Fraud Hotline at 03-2612 8100 to seek assistance.
