Maybank to Fully Shift From SMS OTPs to Secure2u by June 2023
by Fintech News Malaysia September 29, 2022Maybank announced that it will fully migrate to a more secure authentication method via Secure2u by June 2023.
This applies to online activities or transactions relating to account opening, fund transfers and payments as well as changes to personal information and account settings.
This move is in line with Bank Negara Malaysia’s push for additional security measures to combat rising financial scams.
Currently, Maybank only allows one Secure2u device per account holder 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, a push notification and an email when Secure2u is registered on a new device.
Maybank will also introduce a cooling-off period when customers enable Secure2u on a different device to help prevent unauthorised approvals by the fourth quarter of 2022.
This move will provide sufficient time for customers to verify and report to the bank in case of any unauthorised registration.
Maybank introduced Secure2u as a safer and more convenient way for its customers to authorise Maybank2u and MAE transactions, using Secure Verification (one-tap approval) and Secure transaction activation codes (a six-digit TAC number generated on the mobile app). This feature is an alternative to SMS TAC.
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.
Maybank already has a dedicated 24/7 hotline for customers to report financial scam incidents.
Dato’ Khairussaleh Ramli
Dato’ Khairussaleh Ramli, Group President & CEO of Maybank said,
“We remain highly committed in helping our customers to avoid being scammed by fraudsters. This is done through existing security measures that are already in place and as we progressively rollout more measures that can help deter or minimise the likelihood of customers falling prey to financial scams.
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.”
