Maybank today announced that it has completed the migration from SMS OTPs to Secure2u for its online banking services. These include bill payments and DuitNow, FPX and IBG transactions.
In a press release, Maybank said that it is fully supportive of and has completed the implementation of the key measures to combat financial scams, as announced by Bank Negara Malaysia (BNM). In case you’re not familiar, Secure2u is the bank’s secure authentication method which customers use to easily and securely approve all online banking transactions and activities as well as update their personal information such as mobile number and address.
Maybank also binds one Secure2u device per customer account, meaning that the possibility of scammers performing unauthorised transactions via another device is minimised. Besides that, the bank also announced that it has implemented other key measures ahead of time, which include:
- A cooling-off period for first-time or different device enrolment of Secure2u
- Tightening of fraud detection rules for suspicious transactions
- Removing hyperlinks from SMSes
- Having a dedicated 24/7 fraud hotline for customers
- A self-serve Kill Switch to deactivate online banking access and block credit and debit cards
Furthermore, starting 1 July 2023, all Secure2u authorisation will be moved to the MAE App to ensure a safer banking experience for customers. Accordingly, the bank urges customers who have yet to download the MAE App to do so immediately, in order to avoid any disruption to their online banking experience.
Awesome! So, what do you guys think of Maybank’s full migration to Secure2u and its other measures to combat scams and fraud? Share your thoughts with us in the comments below and stay tuned to TechNave for more trending tech news.
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