Maybank announced that it launched a counter-fraud 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 take advantage of 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.” 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 unauthorized 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 online 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:
