KUALA LUMPUR: Malayan Banking Bhd (Maybank) has decided to fully migrate to a more secure authentication method via Secure2u by June 2023 from SMS one-time password (OTP) to heighten online banking security.
Maybank said this was in line with Bank Negara Malaysia's steer for banks to migrate from SMS OTP to a more secure authentication for these transactions.
"Currently, Maybank only allows one Secure2u device per account holder (per customer) to minimise the possibility of a customer's online banking details being compromised or used by any third party.
"As an added security measure, Maybank alerts a customer via SMS, a push notification and an email when Secure2u is registered on a new device," it said.
Maybank group president and chief executive officer Datuk Khairussaleh Ramli said the bank would remain highly committed to helping its customers to avoid being scammed by fraudsters.
Khairussaleh said this was done through existing security measures that were already in place and as the bank progressively rolled out more measures that can help deter or minimise the likelihood of customers falling prey to financial scams.
"We are also supportive of Bank Negara's announcement on Sept 26, 2022 in relation to the five measures to be adopted by banks in Malaysia to ensure higher standards of security, especially for Internet and mobile banking services.
"The banking industry is committed to working together to combat financial scams which are increasingly prevalent in today's digitalised environment," he said.
Maybank will also introduce a cooling-off period when customers enable Secure2u on a different device to help prevent unauthorised Secure2u approvals by the fourth quarter of 2022.
The bank said the cooling-off period before the activation of Secure2u on a new mobile device would provide sufficient time for customers to verify and report to the bank in case of any unauthorised registration.
"The introduction of the cooling-off period for first time enrollment of Secure2u or when a new device is registered on Secure2u is an added measure that the bank will implement in an attempt to mitigate the rise in financial scams," it added.