Today, Maybank announced the debut of Money Lock, a first-in-market counter-fraud security feature on the MAE App that enables users to prevent digital access to funds in their preferred savings or current accounts, protecting them from online fraudsters.
This extra layer of protection allows customers to enjoy the benefits of online banking without compromising their financial peace of mind.
Customers have complete control over the degree of financial security in their accounts when using Money Lock. From as little as RM10 to the whole amount in their accounts, they may choose to lock the amount that they want.
Consumers may also quickly and simply increase any locked amount right from the MAE App; there is no cost involved, and there is no cap on how many times Money Lock can be triggered.
The launch of Money Lock in Malaysia, according to Syed Ahmad Taufik Albar, Group CEO of Community Financial Services at Maybank, builds on the success of Maybank Singapore’s implementation of the same feature and demonstrates the Maybank Group’s dedication to enhancing banking safety and protection for its clients in the area.
“Maybank is the first bank in Malaysia to provide its clients the ability to digitally lock money in their preferred current and savings accounts using Money Lock. By improving the security of online banking, Money Lock gives users the confidence they need to carry out transactions safely and worry-free.
“Additionally, as part of their account balance, customers will continue to receive the same interest or profit rate on the frozen money,” he said.
Customers merely need to follow these three simple steps to activate Money Lock:
- To use Money Lock on a savings or current account, open the MAE app, click the “Accounts” menu, and then select the account.
- Click the “Money Lock” option once you’ve chosen the desired account and the amount to lock. You will see a summary page.
- Give your approval through Secure2u to turn on Money Lock.
Customers merely need to visit any Maybank ATM or branch countrywide for a quick verification process in order to unlock their accounts or reduce the amount of locked funds. This action is performed to guarantee that funds that have been locked are protected from illegal access. Depending on the customer’s preference, the bank will either immediately release the cash or reduce it after successful verification.
The bank safeguards locked money against any online banking and ATM activity for the protection of our clients. Customers are further protected since the frozen money cannot be used for things like online transfers, ATM withdrawals, debit card use, bill, credit card, and loan payments; fixed deposit placement; standing instructions; and more.
Customers are advised to carefully organise their finances, think about pending financial obligations, and make sure they have enough money set aside for necessary transactions before turning on MoneyLock in order to have a seamless banking experience.
Maybank has put in place several anti-fraud procedures to reduce the risk of fraud and safeguard its clients, including:
- By substituting Secure2u for SMS OTP, SMS TAC fraud is essentially tampered with.
- Limiting each customer’s online banking access to a single device prevents fraudsters from accessing their accounts using unauthorised devices.
- Imposing a cooling-off period for transfers, raising payment limits, and activating Secure2u on a new device or for the first time.
- Enabling clients to have more control over their personal banking accounts by limiting Secure2U activation to Maybank ATMs only.
- Implementing Malware Shielding, an anti-malware feature in the MAE App that may identify malware on users’ devices.
- Providing a 24/7 fraud and customer support hotline to assist anyone who suspects they may have fallen victim to a scam.
Customers should always abide by these basic guidelines to protect themselves from scams:
1. Avoid downloading or installing any APK files from social media and be wary of calls and texts from unknown numbers, particularly those purporting to be from banks, law enforcement, or government organisations.
2. Don’t give away your online banking login credentials; only download apps from authorised app shops like the Google Play Store, Apple App Store, and Huawei App Gallery.
Customers can visit maybank.my/MoneyLock for further information on Money Lock. Please visit the Maybank Security Tips website at maybank.my/SecurityAwareness to find out more about the most recent fraud techniques.
