Maybank has launched its first-in-market security feature, Money Lock, on the MAE App, offering customers a new way to protect their funds from online fraud. This feature allows customers to lock a specific amount of funds in their savings or current accounts, preventing them from being accessed digitally.
The Money Lock feature is flexible, with users able to lock amounts ranging from as little as RM10 up to their entire account balance. Customers can lock and unlock funds at any time, without any fees, through the MAE App. Locked funds will still earn the same interest or profit rate as the rest of the balance in the account.
Group CEO of Maybank's Community Financial Services Syed Ahmad Taufik Albar highlighted that Money Lock follows the successful launch of the same feature in Singapore. He stressed that it is a critical step towards enhancing security and customer confidence in online banking.
To activate the feature, customers simply select their account, choose the amount to lock, and approve the action via Secure2u. Unlocking funds requires a visit to any Maybank branch or ATM for verification, ensuring only authorised access.
Locked funds are protected from online banking, ATM withdrawals, and other transactions like bill payments and transfers, adding an extra layer of security against fraud. However, customers are encouraged to plan their finances carefully to ensure sufficient funds for essential transactions before using Money Lock.
Maybank also continues to employ various anti-fraud measures, including Secure2u authentication, restricting online banking access to one device, and introducing Malware Shielding within the MAE App.
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