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Maybank strengthens online security with 12-hour cooling-off period for transfer limit increases starting July 31
KUALA LUMPUR, July 17 — Maybank is introducing a new security measure to combat online banking fraud.
Effective July 31, a 12-hour cooling-off period will be implemented for all requests to increase transfer limits on their Maybank2U platform, the bank said on its website today.
The bank said the move would enable customers to take preventive steps such as contacting customer care to temporarily block accounts or halt transactions, in the event of scammers increasing transfer limits before they perform unauthorised transactions.
Customers could also activate the Kill Switch through the bank’s website or the MAE app.
Importantly, regular transactions within existing limits are still possible during the cooling-off period, it said.
In the bank’s FAQ, it said the cooling-off period applies to all transfer limit increases, including:
* Third-party transfers (Maybank to Maybank)
* Interbank transfers (DuitNow, DuitNow-Transfer, and GIRO)
* FPX and DuitNow Online Bank/ewallets
Customers will be notified via the MAE app or SMS when the cooling-off period begins and ends.
Maybank said the move aligns with Bank Negara Malaysia’s guidelines for high security standards in internet and mobile banking.
It builds upon existing efforts by the Association of Banks in Malaysia, which reported successfully preventing RM383 million in fraudulent transactions during 2023.
Maybank’s cooling-off period joins other measures to fight online scams, such as replacing SMS one-time passwords and requiring a wait time for new online banking enrolments.
