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Maybank Fully Switch From SMS OTP To Secure2u By June 2023

Maybank will fully switch to a more secure authentication method through Secure2u by June 2023 for online activities or transactions related to account opening, fund transfers, and payments as well as changes to personal information and account settings. “This is in line with Bank Negara Malaysia’s (BNM) recommendation for banks to migrate from SMS One Time Password (SMS OTP) to more secure authentication for these transactions,” the bank said in a statement today.

Currently, Maybank only allows Secure2u for one device per account holder (per customer) to minimize the possibility of customers’ online banking details being compromised or used by any third party. As an additional security measure, Maybank informs customers via SMS, ‘push notification’, and email when Secure2u has been registered on a new device.

Picture: BERNAMA

Maybank Group President and Chief Executive Officer Datuk Khairussaleh Ramli said this is in line with the bank’s efforts to prioritize the security of its customers’ savings and online banking transactions at all times. “We remain committed to helping our customers to prevent them from being defrauded by fraudsters.

“This is done through existing security measures at the moment and as we gradually roll out more measures that can help to prevent or minimize the possibility of customers becoming victims of financial fraud,” he said. Maybank also supports BNM’s announcement on 26 Sept 2022 (Monday) regarding measures to be adopted by banks in Malaysia to ensure higher security standards, especially for internet and mobile banking services.

Sources: Siakap Keli, Maybank.

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