Maybank has announced the launch of Money Lock, a pioneering security feature integrated into its MAE App, aimed at protecting customers’ savings and current accounts from online fraud. This first-in-market feature allows users to lock specific funds in their accounts, ensuring they remain inaccessible to online transactions and digital scams.
Money Lock provides customers with the flexibility to secure any portion of their account balance, from as little as RM10 up to the total available balance. The feature can be activated or adjusted directly through the MAE App without incurring any fees. There are no limits on how many times Money Lock can be activated, offering users a versatile and customizable security tool.
The introduction of Money Lock follows its successful implementation in Maybank Singapore and reflects the bank’s ongoing commitment to enhancing online banking security for its regional customer base. Maybank is the first bank in Malaysia to offer this type of feature, underlining its leadership in digital banking innovations.
Once activated, locked funds are safeguarded against unauthorized access and cannot be used for any digital transactions, including online transfers, ATM withdrawals, debit card purchases, or bill payments. Customers retain the ability to earn the same interest or profit rates on locked funds as part of their account balance.
To activate Money Lock, customers must:
- Open the MAE App, select the ‘Accounts’ tab, and choose the savings or current account to secure.
- Select the ‘Money Lock’ icon and specify the amount to lock.
- Approve the transaction via Secure2u, Maybank’s secure authentication system.
Funds can only be unlocked or adjusted through verification at any Maybank ATM or branch. This extra step ensures that the locked funds remain protected from unauthorized access.
The Money Lock feature complements other anti-fraud measures implemented by Maybank, which include replacing SMS OTPs with Secure2u to prevent SMS TAC fraud, restricting online banking access to one device per user, and enforcing cooling-off periods for certain transactions. Maybank also introduced Malware Shielding within the MAE App to detect malicious software on customers’ devices and requires Secure2u activation via ATMs for heightened security.
Customers are encouraged to plan their finances carefully before enabling Money Lock to avoid disruptions to essential transactions. Additionally, Maybank advises customers to remain vigilant against scams and adopt safe banking practices, such as avoiding suspicious calls or messages, refraining from downloading unverified apps, and never sharing online banking credentials.
Maybank has set up a 24/7 fraud and customer support hotline to assist users who suspect fraudulent activity. Customers can also visit the bank’s Security Awareness webpage for up-to-date information on scam tactics and preventive measures.
The launch of Money Lock underscores Maybank’s dedication to safeguarding its customers’ financial assets, empowering them to transact online with greater confidence. For more details about the Money Lock feature, customers can visit Maybank’s website
