Maybank has introduced a new security feature called “Money Lock” to its MAE App, aimed at protecting customers from online scams.
This feature allows users to lock away a portion of their savings or current account funds, preventing digital access and safeguarding them from unauthorised transactions.
Customers can lock any amount, starting from RM10 up to their total account balance, providing flexibility and control over their financial security.
The “Money Lock” feature is free to use and can be activated an unlimited number of times directly through the MAE App.
Customers will continue to earn the same interest or profit rate on the locked funds, as they remain part of the account balance.
To unlock funds or decrease the locked amount, customers must visit a Maybank ATM or branch for verification.
Activating Money Lock can be done in three steps: select the account, choose the amount to be locked, and approve the action using Secure2u.
Locked funds are protected from online banking activities, ATM withdrawals, debit card use, and various other transactions such as bill payments, fixed deposit placements, and standing instructions.
Maybank emphasises the importance of financial planning when using this feature to ensure sufficient funds remain available for essential transactions.
This launch follows the successful implementation of “Money Lock” by Maybank Singapore.
Maybank has also implemented other security measures such as replacing SMS OTP with Secure2u, restricting online banking access to one device per customer, enforcing cooling-off periods for transfer limit increases, and introducing Malware Shielding within the MAE App.
Secure2u activation is restricted to Maybank ATMs for enhanced security.
The bank also provides a 24/7 fraud and customer support hotline for those who suspect they may have been scammed.
Maybank urges customers to remain vigilant against scams, advising them to be wary of suspicious calls and messages, avoid downloading APK files from unofficial sources, and never share their banking credentials.
Syed Ahmad Taufik Albar, Group CEO of Community Financial Services, Maybank said,
“With Money Lock, Maybank is the first bank in Malaysia to enable customers to digitally lock funds in the existing savings and current accounts of their choice.
Enhancing online banking security, Money Lock empowers customers with confidence, enabling them to conduct online banking transactions securely and without worry. Customers will also continue to earn the same interest or profit rate on the locked funds, as part of their account balance.”
