Recently, Bank Negara Malaysia (BNM), has ordered local banks to switch from OTP to another form of verification that provides a higher level of protection.
Responding to BNM’s call, Maybank has today announced that it will fully replace OTP through SMS with its Secure2u authentication system by June 2023, demonstrating its dedication to the initiative.
Moreover, along with validating online purchases and funds transfers, this includes authenticating the setting up of new accounts and the changing of existing account settings and personal information.
Maybank further notes that, at the moment, its customers are restricted to using a single device for all of their Secure2u authentication purposes. When a user registers a new device, they will receive alerts in the form of SMS, emails, and push notifications.
In addition, the bank recommends switching to the new MAE app, however, customers who have already registered Secure2u on the M2U MY app can remain using it so long as they maintain the same device. It is also important to note that customers will no longer be able to activate Secure2u through the M2U My app beginning in October.
This may be the best alternative that Maybank has decided on in order to protect its customers against the growing cases of scams involving online transactions. We just have to wait for other precautions that other banks may have up their sleeves to enhance their security.
