Maybank now requires Secure2u authorisation on Favourite Transfers

Prior to this, Secure2u was only required for the first time funds were being transferred via Favourite Transfer. — AZMAN GHANI/The Star

Maybank has announced that as of July 4, Favourite transfers will require user approval with the Secure2u security feature in the MAE app.

This comes after the bank announced that it had completed the migration to Secure2u in the app for online banking service authorisation on July 1, with the exception of Favourite Transfers until the latest announcement.

Transaction types included under Favourite Transfers include third-party transfers, interbank Giro transfers, and DuitNow transfers using account numbers, phone numbers, and IC.

Prior to this, Secure2u was only required for the first time funds were being transferred via Favourite Transfer. According to Maybank, this change was made to be in line with an update from Bank Negara Malaysia (BNM) on combating financial scams.

Secure2u is a security feature that serves as a replacement for the previous one-time passwords (OTPs) sent over SMS, which BNM had instructed a migration from in efforts to improve security.

Maybank users who intend to utilise its online banking services will need to ensure that they have activated Secure2u in the app.

To use it, first download the MAE app from either the Google Play Store or Apple App Store if it is not already installed on the device, then launch the app and log in.

Then select the Secure2u icon under Quick Actions and tap the activation button. From here, just enter the OTP sent to the registered phone number, enter the user's IC number, and input the device's name.

After which, Secure2u will be activated on the device. Do note Maybank has implemented a 12-hour cooling-off period when Secure2u is activated for the first time, or on a new device to protect from unauthorised approvals.

None of the transactions requiring Secure2u will be accessible during this 12-hour period.

Following activation, users will receive push notifications on the registered device to approve or reject the transactions.

For more information, check out the Secure2u FAQ page on the Maybank2u website.

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