Maybank Debuts ‘Kill Switch’ Feature for Maybank2u and MAE Appby Fintech News Malaysia January 31, 2023 0 comments
Maybank has introduced the ‘Kill Switch’ feature via Maybank2u (M2U) web and the MAE app as part of its efforts to combat online scams.
The kill switch feature enables customers to immediately deactivate their M2U access with a click of a button if believe that they have been scammed.
During the deactivation period, customers will not be able to log into M2U and reactivation can only be done after successful verification via the branch or the Maybank Group Customer Care.
Customers will still be able to withdraw cash from ATMs and make purchases using their Maybank debit or credit cards.
However, cardless and contactless cash withdrawals will not be available during this time as this requires customers to log in to Maybank2u.
Maybank has been progressively rolling out several security features including the set up of dedicated hotline where customers can report fraudulent activities, the migration from SMS TAC to Secure2u (S2U) on MAE as well as the introduction of a 12-hour activation period for new S2U registrations on MAE.
The bank had first introduced Secure2u in April 2017 and will fully enforce it for all online activities or transactions relating to account opening, fund transfers and payments as well as changes to personal information and account settings by June 2023.
Dato’ John Chong, Group CEO, Community Financial Services said that as the number of online scams seem to still be on the rise, we need to acknowledge that scam prevention is everyone’s responsibility and together we must aspire to eradicate it.
He added that banks can only endeavor to introduce various advanced security measures to prevent and reduce online fraud, however it is still up to the public and customers to play their role in continuously protecting themselves by ensuring their personal banking details are kept safe and never shared with a third party, either knowingly or unknowingly.