Maybank will fully migrate from SMS OTP to Secure2U by June 2023

KUALA LUMPUR: 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 one-time SMS passwords (OTPs) to more secure authentication for these transactions,” the bank said in a statement today.

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.

He said this is in line with the bank’s efforts to prioritize the safety and security of its customers’ funds and online banking transactions at all times.

“We remain very committed to helping our customers avoid being scammed by fraudsters.

“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,” a said the group’s chairman and chief executive, Datuk Khairussaleh Ramli.

Maybank also supports Bank Negara Malaysia’s announcement on Monday regarding measures to be adopted by banks in Malaysia to ensure higher security standards, especially for internet and mobile banking, it added.

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

Maybank said it provided a dedicated 24/7 helpline for customers to report incidents of financial scams.

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.

The banking group said it 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. – Bernama

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