Maybank rolls out kill switch to combat online scams

30 Jan 2023 01:54pm
Maybank rolls out kill switch to combat online scams - BERNAMA
Maybank rolls out kill switch to combat online scams - BERNAMA
KUALA LUMPUR - Malayan Banking Bhd (Maybank) has introduced a "kill switch” for customers to deactivate their Maybank2u web and the MAE application (app) access should they notice something peculiar or believe that they have been scammed.

In a statement today, Maybank said the kill switch is as part of the bank’s online security enhancement and ongoing efforts to combat online scams.

"The kill switch can be activated via the Maybank2u web or MAE app and once enabled, customers will be automatically logged out of all active online sessions on the MAE app as well as the Maybank2u app and web.

"For security reasons, during the deactivation period, customers will not be able to log into Maybank2u and reactivation can only be done after verification via the branch or the Maybank Group Customer Care,” it said.

This will also prevent scammers or any unauthorised parties from accessing M2U or the MAE app causing a further outflow of funds, Maybank explained.

Group chief executive officer, community financial services Datuk John Chong said Maybank has always been committed to ensuring the safety and security of its customers when banking online and this is evident by the frequent upgrading and enhancement of its systems.

"With the introduction of the kill switch, customers can now take charge and proactively protect their funds against any untoward incidences as well as lessen the number of losses before investigations by the bank and relevant authorities are concluded,” he said.

Chong noted that as the number of online scams seems to be on the rise, people need to acknowledge that scam prevention is everyone’s responsibility and together must aspire to eradicate it.

He said that banks can only endeavour to introduce various advanced security measures to prevent and reduce online fraud, however, it is still up to the public and customers to play their role in continuously protecting themselves by ensuring their personal banking details are kept safe and never shared with a third party, either knowingly or unknowingly.

"Simple best practices such as reminding and educating family members and friends on the importance of being vigilant, to simply not clicking on any unknown or foreign link goes a very long way.

"If something seems too good to be true, then it most probably is a scam,” he noted.

Maybank said customers are still able to withdraw cash from automated teller machines (ATMs) after enabling the kill switch and make purchases using their Maybank debit or credit cards.

However, cardless and contactless cash withdrawals will not be available during this time as this requires customers to log in to Maybank2u.

"The kill switch is an enhancement to the bank’s existing security features in Maybank2u that are already in place as we progressively roll out more measures that can help customers minimise their losses.

"This is seen through the various initiatives, including the rolling out of a dedicated hotline where customers can report fraudulent activities, the migration from SMS TAC to Secure2u on MAE, binding Secure2u usage to only one device, as well as the introduction of a 12-hour activation period for new Secure2u registrations on MAE which helps to prevent unauthorised transaction approvals,” it said.

Maybank also noted that it had first introduced Secure2u in April 2017 as a more secure authentication method, and will fully enforce Secure2u to be approved on the MAE app for all online activities or transactions relating to account opening, fund transfers and payments as well as changes to personal information and account settings by June 2023 - BERNAMA