Maybank group chief executive officer of community financial services Syed Ahmad Taufik Albar
KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has introduced a market-first counterfraud feature on the MAE App called Money Lock. This feature enables customers to lock funds in their chosen savings or current accounts, preventing digital access and protecting the money from online scammers.
In a statement, the bank said that this additional layer of security allows customers to enjoy the benefits of online banking while ensuring their financial peace of mind.
With Money Lock, customers can choose how much of their funds to secure, from as little as RM10 to their entire account balance. They can easily increase the locked amount anytime through the MAE App, with no fees and no limit on the number of times Money Lock can be activated.
Community financial services group CEO Syed Ahmad Taufik Albar said the introduction of Money Lock in Malaysia builds on the success of Maybank Singapore’s implementation of the same feature, and is a testament to Maybank Group’s commitment to increased banking safety and protection for its customers in the region.
“With Money Lock, Maybank is the first bank in Malaysia to enable customers to digitally lock funds in the existing savings and current accounts of their choice. Enhancing online banking security, Money Lock empowers customers with confidence, enabling them to conduct online banking transactions securely and without worry. Customers will also continue to earn the same interest or profit rate on the locked funds, as part of their account balance,” he added.
For more information on Money Lock, visit maybank.my/MoneyLock
