Maybank has introduced a groundbreaking security feature, Money Lock, exclusively on the MAE App, marking a significant milestone in the fight against online fraud.
This first-of-its-kind anti-fraud tool allows customers to lock funds in their savings or current accounts, safeguarding them from unauthorized digital access and online scammers.
With Money Lock, customers can enjoy seamless online banking with enhanced financial protection and peace of mind.
Unprecedented Flexibility and Control
Money Lock offers customers unparalleled flexibility in securing their funds. Users can lock any amount, starting from RM10 up to their total available balance, in their chosen accounts.
Adjustments to the locked amount can be made effortlessly via the MAE App without incurring any fees or facing limitations on the frequency of activations.
This feature empowers customers to tailor their financial security to their specific needs.
Building on Proven Success
According to Syed Ahmad Taufik Albar, Group CEO of Community Financial Services, Maybank, the introduction of Money Lock in Malaysia is inspired by the feature’s success in Maybank Singapore.
“As the first bank in Malaysia to offer this feature, Maybank continues to lead in providing innovative solutions that enhance online banking security. Customers can now perform online transactions with greater confidence while earning the same interest or profit rates on their locked funds,”.
How to Activate Money Lock
Activating Money Lock is a straightforward process that can be completed in just three steps:
- Open the MAE App, navigate to the ‘Accounts’ tab, and select the desired savings or current account.
- Tap the ‘Money Lock’ icon, choose the account and amount to lock, and review the summary page.
- Approve the activation via Secure2u for immediate implementation.
To unlock funds or adjust locked amounts, customers must visit any Maybank ATM or branch for a secure verification process.
This step ensures that locked funds remain protected from unauthorized access. Once verified, the requested changes are applied instantly.
Comprehensive Protection for Locked Funds
Funds secured with Money Lock are shielded from all online and ATM transactions. This includes:
- Online transfers
- ATM withdrawals
- Debit card usage
- Bill, credit card, or loan payments
- Fixed deposit placements
- Standing instructions
By restricting access to these functions, Money Lock provides an additional layer of security against fraud and unauthorized transactions.
Maybank advises customers to plan their finances carefully before activating Money Lock. Ensuring adequate funds are available for essential transactions will help maintain an uninterrupted banking experience.
Commitment to Fighting Fraud
Maybank has implemented several robust measures to combat fraud and protect its customers, including:
- Secure2u Replacement: Eliminating SMS OTP to reduce the risk of SMS TAC fraud.
- One-Device Restriction: Limiting online banking access to a single device per customer.
- Cooling-Off Period: Enforcing delays for transfer and payment limit increases and Secure2u activation on new devices.
- ATM-Based Secure2u Activation: Allowing Secure2u setup exclusively through Maybank ATMs for added security.
- Malware Shielding: Embedding a preventive security feature within the MAE App to detect malware on customers’ devices.
- 24/7 Fraud Support Hotline: Providing round-the-clock assistance for customers suspecting fraudulent activity.
Tips to Avoid Scams
To further defend against scams, Maybank encourages customers to follow these simple rules:
- Be cautious of calls or messages from unknown numbers claiming to represent banks or government agencies.
- Avoid downloading APK files from social media platforms; only use official app stores like the Apple App Store, Google Play Store, or Huawei AppGallery.
- Never share online banking usernames or passwords with anyone.
For detailed information about Money Lock, visit maybank.my/MoneyLock. To stay informed about the latest scam tactics and security tips, check out the Maybank Security Awareness page at maybank.my/SecurityAwareness.