UOB Malaysia said it is committed to fully migrate its customers to using UOB Mighty Secure by June 2023, in line with Bank Negara Malaysia (BNM)’s guidance for banks to migrate to more secure authentication methods. With this migration, customers will utilise their digital tokens to authenticate certain transactions on UOB personal internet banking (PIB) site and UOB Mighty app, including fund transfers, payments and changes to personal information and account settings.
The UOB Mighty Secure digital token, accessible via UOB Mighty app, incorporates a two-factor authentication process, providing more robust protection compared to SMS One-Time-Passwords (SMS-OTP) sent to mobile phones. It replaces the use of SMS-OTP service, with customers no longer needing to obtain a one-time password via text message every time they wish to make a transaction.
Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said, “UOB Malaysia fully supports the five measures announced by BNM to ensure greater security and protection for customers against scams. Cybersecurity is of paramount importance to us. As we continue to invest in our digital capabilities and online platforms, UOB Mighty Secure provides our customers an easy, convenient and secure way to authenticate transactions on our digital banking platforms. We will continue to enhance our security features to enable customers transact securely online and protect them against financial scams.”
To safeguard customers at present, all banking transactions of RM10,000 and above performed via UOB’s website and UOB Mighty app must be authenticated with UOB Mighty Secure. Customers who register for UOB Mighty Secure via their UOB Mighty app will use a password that they pre-set themselves to authenticate certain transactions performed on UOB Mighty and PIB. This method is easier and more convenient than using an SMS-OTP which is a unique password that is automatically-generated and valid only for a short period of time.
Since its launch in 2018, the Bank said it has seen a strong adoption of Mighty Secure digital token among its customers .
UOB Malaysia will also continue its efforts on raising awareness on scams through customer engagement initiatives at branches, as well as electronically through its official social media platforms, text messages and e-direct mailers. Customers who suspect that they had been scammed or had inadvertently disclosed their personal or bank information should immediately call UOB’s 24-hour Fraud Hotline at 03-2612 8100 to seek assistance.