Maybank has taken a significant step towards boosting online banking security with the launch of Money Lock, a first-of-its-kind feature on the MAE app. This innovative tool empowers customers to take control of their finances by allowing them to “lock” specific amounts within their savings or current accounts, effectively preventing online access to those funds.
Peace of Mind with Secured Bank Balances
Money Lock addresses a growing concern for many: online scams and fraudulent activity. By adding this extra layer of protection, Maybank allows its customers to enjoy the convenience of online banking with a heightened sense of security.
The feature offers a high degree of user control. Customers can choose to lock any amount from RM10 upwards, right up to their entire account balance. This flexibility allows for tailored protection based on individual needs. Additionally, increasing locked amounts is a breeze through the MAE app, and there are no fees or restrictions on how often Money Lock can be activated.
Money Lock is the latest feature focused on creating a more secure banking environment for bankers. Malay The introduction of Money Lock in Malaysia follows the feature’s successful implementation in Singapore.
“Money Lock empowers customers with confidence,” states Syed Ahmad Taufik Albar, Group CEO of Community Financial Services at Maybank. He emphasizes that customers can conduct online transactions securely while still earning interest on their locked funds.
Unlocking Funds and Avoiding Disruptions
Unlocking requires a visit to a Maybank ATM or branch for verification, ensuring the locked funds remain secure. This step is crucial in preventing unauthorized access.
Maybank emphasizes the importance of careful financial planning before activating Money Lock. Customers should consider upcoming commitments and ensure sufficient funds are available for essential transactions to avoid disruptions.
A Multi-Layered Approach to Fraud Prevention & Security
Money Lock is one piece of a comprehensive security puzzle. Maybank highlights other measures taken to combat fraud, including replacing SMS OTP with the more secure Secure2u system, restricting online banking access to one device per customer, and implementing cooling-off periods for limit increases.
Alongside technological advancements, customer awareness remains vital in the fight against scams. Maybank encourages users to be cautious of calls and messages from unknown numbers, to only download apps from official stores, and to never share online banking credentials with anyone.
