Maybank today announced that it has launched a first-in-market counterfraud security feature on the MAE App called Money Lock, which allows customers to lock funds in the savings or current accounts of their choice from being digitally accessed, keeping the funds safe from online scammers. With this added layer of security, customers can enjoy the benefits of online banking without compromising their financial peace of mind.

With Money Lock, customers have the ultimate flexibility to decide on the level of fund security in their accounts. They can opt to lock their preferred amount, from as little as RM10 and up to the total available balance in their accounts. Customers can also easily and conveniently increase any locked amount directly from their MAE App, with no fee imposed and no limit on the number of times Money Lock can be activated.

Syed Ahmad Taufik Albar, Group CEO of Community Financial Services, Maybank said that the introduction of Money Lock in Malaysia builds on the success of Maybank Singapore’s implementation of the same feature, and is a testament to Maybank Group’s commitment to increased banking safety and protection for its customers in the region. 

“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. 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,” he continued. 

To activate Money Lock, customers only need to perform three simple steps:

1. Launch the MAE App, select the ‘Accounts’ tab and choose the savings or current account to use Money Lock on.
2. Click on the ‘Money Lock’ icon, and select the preferred account and amount to be locked. A summary page will be displayed.
3. Approve via Secure2u to activate Money Lock. 

To unlock their funds or decrease the amount of locked funds, customers only need to visit any Maybank ATM or branch nationwide for a quick verification process. This step is taken to ensure that locked funds remain secure from unauthorised access. Upon successful verification, the funds will be instantly unlocked or decreased, depending on customers’ request.

For customers’ safety, locked funds are kept protected against any online banking and ATM activity. The 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, thus adding another layer of protection for customers. 

For an uninterrupted banking experience while using Money Lock, customers are urged to perform careful financial planning, consider upcoming financial commitments and ensure sufficient funds are available for essential transactions before enabling the feature. 

To mitigate fraud risk and protect its customers, Maybank has implemented various measures to combat fraud, including:

• Replacing SMS OTP with Secure2u, effectively tampering SMS TAC fraud 
• Restricting online banking access to one device per customer, which blocks scammers from accessing customer’s account on unauthorised devices
• Enforcing cooling-off period for transfer and payment limit increase, and Secure2u activation for the first time or on a new device
• Allowing Secure2u activation to be performed via Maybank ATMs only, enabling customers to have heightened supervision over their own banking accounts
• Introducing Malware Shielding, a preventive security measure embedded within the MAE App with the capability to detect malware in customers’ devices
• Providing a 24/7 fraud and customer support hotline to assist those who suspect they have been scammed

To defend against scams, customers should always observe the following simple rules:

• Be cautious of calls and messages from unknown numbers, especially those claiming to be from banks, law enforcement agencies and government entities;
• Do not download or install any APK files from social media. Only download mobile apps from official app stores such as Apple App Store, Google Play Store and Huawei AppGallery; and
• Do not share your online banking username and password with anyone.

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