Malaysia: Maybank Enhances Security Controls Against Scams, Completes Migration to Secure2u for Digital Banking Services

In efforts to further strengthen its online banking ecosystem and protect its customers, Maybank announced that it has successfully completed the migration to Secure2u for online banking services including bill payments and DuitNow, FPX and IBG transactions.

Maybank is fully supportive of and has “completed the implementation of the key measures to combat financial scams, as announced by Bank Negara Malaysia (BNM).”

The migration from SMS OTP “to Secure2u, the Bank’s secure authentication method, signals Maybank’s commitment to prioritize its customers, in ensuring an even safer online banking environment for them.”

Customers can now easily and securely “approve all online banking transactions and activities as well as update their personal information such as mobile number and address via Secure2u.”

On top of that, the binding of one Secure2u device per customer account “not only helps minimize the possibility of scammers performing unauthorized transactions via another device but also encourages customers with business accounts to practice good cyber hygiene and financial management, with independent authentication required for these accounts.”

Additionally, Maybank has also “implemented other key measures ahead of time, some of 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 and a self-serve Kill Switch to deactivate online banking access and block credit and debit cards.”

Dato’ Khairussaleh Ramli, Group President & CEO of Maybank said:

“Our customers are our priority and we take the security and safety of our online banking platforms seriously. We have taken multiple proactive initiatives in order to curb rising scams and safeguard our customers’ accounts, such as enabling only one Maybank2u access per device on the MAE App, since its launch in October 2020.”

He added:

“We are pleased that these initiatives combined with our ongoing intensive scam awareness campaign to educate customers will continue to help our customers prevent financial loss and save their monies. Customers are becoming more aware of popular fraud modus operandi and this year, we have seen the number of cases where customers call in to report suspicious messages, calls and phishing sites increase significantly. In fact, many customers have been successfully helped as they reached out to the Bank quickly via the channels provided.”

Maybank is committed to “support customers transitioning from outdated operating systems on their devices older or unsupported operating systems.”

With the introduction of the “More Secure, More Discounts” campaign, “these customers can enjoy 0% interest instalment plan and up to RM158 off when they purchase selected OPPO devices, including the new 5G-enabled OPPO Reno8T, using their Maybank Cards.”

From now until 31 July 2023, customers can “purchase their preferred device at discounted prices at any OPPO Store, Harvey Norman and Senheng outlet nationwide.”

The bank said they would like “to remind their customers to always safeguard their online banking credentials and do not share their passwords with friends or family.”

Customers are also “reminded to be vigilant and observe good online banking behavior” such as:

  • Avoid installing/downloading apps/Android Package Kit (APK) files and be alert if prompted to download a file that is not compatible with the device used i.e. Apple device being asked to download an APK file.
  • Avoid clicking on suspicious links sent via chat messages such as SMS, WhatsApp, Messenger or other similar services.
  • Do not provide permission for any app to send or view SMSes.
  • Do not key in their online banking details in any suspicious apps or websites.
  • Only download apps from the genuine app stores such as Apple App Store, Google Play Store or Huawei AppGallery and not from a link.
  • Always look out for their personalised online banking security image and phrase (i.e. Maybank2u security image and phrase), to ensure the website and app are legitimate.
  • Do not root or jailbreak their devices.
  • Update their devices’ operating system (OS) and apps regularly.

Adding on, Dato’ Khairussaleh said that Maybank is always ready to assist customers who suspect they may have fallen victim to scams.

“The key to preventing further banking fraud from happening is speed. Customers who suspect that they are victims of financial scams should immediately call our 24-hour, 7-day a week fraud hotline at 03–5891 4744, as we will help them to deactivate their online banking access or block cards that are involved in the scam. For their convenience, customers can also opt to use the Kill Switch feature on the MAE App to quickly deactivate their access.”

Starting 1 July 2023, all Secure2u authorisation “will be moved to the MAE App to ensure a safer banking experience for customers.”

Customers will be able “to seamlessly approve transactions performed on Maybank2u Web, Maybank2u App and MAE App via Secure2u on MAE App.”

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.”

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