Maybank has recently sent out reminders through its social media channels regarding its complete migration to Secure2u for all online card transactions, which will be made effective starting 1 July 2023. The shift will fully replace the existing MSOS (Maybank Secure Online Shopping) Code system, in line with Bank Negara Malaysia (BNM)’s mandate of fully phasing out the OTP (one-time password) SMS approach in order to combat potential scams.
As you may recall, the Maybank had originally announced this shift back in September of last year, not long after BNM had issued the aforementioned order to all local banks. The full migration was initially expected to be completed by June this year, applying Secure2u authentication to processes such as approving online transactions and fund transfers, as well as the opening of new accounts or changing personal information to an existing account.
The bank explains that Secure2u is faster and safer, where a push notification of a card payment will be sent to the user’s phone via the MAE app which they can approve or reject by a simple tap. For those unfamiliar, the old MSOS Code approach sends out a SMS with a 6-digit code which the user needs to enter in order to authorise card payments. Unlike before, this method can be easily exploited by scammers and the likes to fool unsuspecting individuals.
Maybank adds that it currently allows users to have a single device to handle Secure2u authentications, which can only be activated via its MAE mobile application. Users could previously activate the system through the Maybank2u app, but this ability was fully removed around September as well. However, the bank notes this only applies to new activations and that those who have already activated Secure2u on the latter app can continue to use it as long as they are using the same device.
Additionally, users are also reminded to activate Secure2u as soon as possible, because a 12-hour activation period will be issued for first-time activations on the MAE app or on a different device. The bank says this implementation, which was added permanently back in October of last year, is to help prevent unauthorised approvals.
(Source: Maybank [Facebook])
