Kuala Lumpur, Malaysia – Maybank, a financial services provider in Malaysia, has recently unveiled Money Lock, its latest counter fraud security feature on the MAE App.
With the new feature, customers can further secure their funds in selected savings or current accounts, preventing them from digital access and keeping them safe from online scammers.
It also offers them complete control over their account security, allowing them to lock any amount, starting from as low as RM10 to their entire available balance. They can also easily adjust their locked amounts at no cost and with the flexibility to activate Money Lock as many times as needed.
As per the firm, locked funds remain secure from all online banking and ATM activities. These locked funds cannot be used for transactions such as online transfers, ATM withdrawals, debit card usage, bill/credit card/loan payments, fixed deposit placement, standing instructions, and more.
Meanwhile, ensuring smooth and uninterrupted experience with the new feature, the bank also encouraged customers to carefully plan their finances, consider upcoming financial commitments, and secure sufficient funds for essential transactions before enabling the feature.
Some of the measures that the bank has also implemented to combat fraud include replacing SMS OTP with Secure2u, effectively tampering SMS TAC fraud, restricting online banking access to one device per customer, enforcing a cooling-off period for transfers and payment limit increases, and Secure2u activation for the first time or on a new device.
“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,” stated Syed Ahmad Taufik Albar, group CEO of community financial services at Maybank.
He further added, “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.”
