CIMB is set to introduce new security measures to its online banking platforms, CIMB Clicks and CIMB OCTO App, starting at the end of June 2024. According to the bank, this upcoming change aims to bolster online banking security and protect customers from financial fraud, aligning with regulatory efforts to combat financial scams.
One significant change involves the implementation of SecureTAC verification as an additional layer of authentication for all fund transfers. This includes transactions to favourite recipients such as JomPAY, bill payments, top-ups, and transfers to the user’s own accounts.
For newly registered users, the bank will be changing the default transaction limit for own account transfers on both Clicks and OCTO apps to RM5,000. This measure is intended to limit exposure to potential fraud for new users who may be less familiar with the security features of CIMB’s online banking system.
Moreover, any requests to increase transaction limits on the CIMB OCTO app will now be subjected to a 12-hour cooling-off period before the changes take effect. This delay is designed to prevent immediate changes that could be exploited by fraudsters.
Last but not least, CIMB notes that the transaction limit adjustment function will be removed from the Clicks app by month’s end. In case you missed it, the bank has recently dropped support for the app earlier this month and is asking customers to shift over to its newer OCTO app instead. Though still usable for the time being, the CIMB Clicks app will eventually go obsolete due to the lack of support, especially in security terms.
(Source: CIMB [official website])
