Maybank fully migrates OTP authentication method to Secure2u


Datuk Khairussaleh Ramli

KUCHING: Maybank will fully migrate to a more secure authentication method via Secure2u by June 2023 for online activities or transactions related to account opening, fund transfers and payments as well as changes to personal information and account settings.

This is in line with Bank Negara’s desire for banks to migrate from SMS one-time passwords (OTPs) to more secure authentication for these transactions.

Currently, Maybank allows only one Secure2u device per account holder (per customer) to minimize the possibility of a customer’s online banking details being compromised or used by a third party.

As an additional security measure, Maybank alerts a customer via SMS, push notification and email when Secure2u is registered on a new device.

Maybank Group President and Chief Executive Officer (CEO), Datuk Khairussaleh Ramli, said this was in line with the bank’s efforts to prioritize the safety and security of funds and banking transactions at all times. line of its customers.

“We remain very committed to helping our customers avoid being scammed by fraudsters,” he said.

“This is being done through the existing security measures that are already in place and as we deploy more measures that can help deter or minimize the likelihood of customers falling prey to financial scams.

“We also support Bank Negara Malaysia’s announcement on September 26, 2022 regarding the five steps to be taken by banks in Malaysia to ensure higher security standards, especially for internet and mobile banking.

“The banking industry is committed to working together to combat the financial scams that are increasingly prevalent in today’s digitalized environment.”

Maybank will also introduce a cooling off period when customers activate Secure2u on another device to help prevent unauthorized Secure2u approvals by Q4 2022.

The cooling-off period before activating Secure2u on a new mobile device will allow enough time for customers to verify and report to the bank in case of unauthorized registration.

The bank introduced the use of Secure2u in April 2017 as a safer and more convenient way for Maybank customers to authorize Maybank2u and MAE transactions, using secure verification (one-click approval) and ID codes. secure transaction activation (a six-digit TAC number generated on the mobile app). This feature is an alternative to SMS TAC.

The introduction of the cooling-off period for the first registration of Secure2u or when a new device is registered on Secure2u is an additional measure that the bank will implement in an attempt to mitigate the increase in financial scams seen at scale. nationally and for the purpose of continually protecting the account details and funds of Maybank customers.

In terms of strengthening fraud detection rules and triggers to block suspicious transactions, Maybank has a fraud detection and monitoring system with custom rules and additional risk settings.

Additionally, the bank has implemented a reminder verification process to alert customers of suspicious transactions.

Maybank already has a dedicated 24/7 hotline for customers to report incidents of financial fraud. Customers are urged to contact the Fraud Hotline immediately on +603 5891 4744 if they suspect their bank details have been compromised or a suspicious transaction has taken place or even if they wish to suspend their bank account quickly.

Alternatively, customers can contact Maybank’s customer service hotline on 1 300 88 6688 above.

This will allow the bank to quickly help customers to immediately prevent further losses.

In the meantime, the bank would also like to remind its customers of some useful tips to protect themselves when using online platforms.

Avoid installing or downloading Android Package Kit (APK) applications or files or clicking on suspicious links sent via chat messages such as SMS, WhatsApp, Messenger or other similar services.

Don’t allow any app to send or view your text messages.

Do not ignore warnings from your devices, especially when downloading or installing a new file.

Do not enter your bank details, especially your username or password, into suspicious apps or websites.

Always keep your anti-virus software up to date for constant protection.

Only download apps from genuine app stores like Apple App Store, Google Play Store or Huawei AppGallery and not from any link.

Be careful if you are prompted to download a file that is not compatible with your device, such as an iPhone or iPad prompted to use an Android device to download a file.

Always look for your online bank’s image and passphrase (such as the Maybank2u image and passphrase) to ensure that the website and app are legitimate.

Do not root or jailbreak your device.

Regularly update the operating system (OS) and applications of your mobile device.

Maybank continuously shares informative content on its Maybank2u website and on Facebook and Instagram, with the aim of reminding and educating customers about the dangers of scams.

Customers should regularly pay attention to these reminders so that they are aware of the latest scam methods to protect themselves.

Customers are also reminded to protect themselves at all times by ensuring that their online banking details are kept safe and are never shared with any third party, knowingly or unknowingly in attempted scams.


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