Maybank launches anti-fraud feature, Money Lock
This innovative feature provides an extra layer of protection against online scammers, allowing customers to bank confidently without compromising their financial security.
Maybank has introduced a groundbreaking security feature, Money Lock, on its MAE App, becoming the first bank in Malaysia to offer customers the ability to lock funds in their savings or current accounts. This innovative feature provides an extra layer of protection against online scammers, allowing customers to bank confidently without compromising their financial security.
How Money Lock secures your savings
Money Lock offers unmatched flexibility, enabling users to secure any amount from as little as RM10 to the total balance in their accounts. Customers can conveniently activate or adjust the locked amount directly through the MAE App without incurring fees or facing restrictions on usage frequency. Locked funds are safeguarded from online transfers, ATM withdrawals, debit card use, bill payments, and more, ensuring comprehensive protection.
Syed Ahmad Taufik Albar, Group CEO of Community Financial Services, highlighted that the feature builds on its success in Singapore, reinforcing Maybank’s commitment to enhancing digital banking security across the region. “With Money Lock, customers can perform online transactions securely, while continuing to earn interest or profit on the locked amount as part of their account balance,” he noted.
Unlocking funds with enhanced verification
To unlock funds or adjust the locked amount, customers must visit any Maybank ATM or branch for verification, ensuring maximum protection against unauthorized access. Once verified, funds are released instantly, offering seamless usability.
Smart banking with Money Lock
Maybank advises customers to plan finances carefully before activating Money Lock to ensure sufficient funds are available for essential transactions. This forward-thinking approach not only bolsters financial safety but also enhances the overall online banking experience.
With Money Lock, Maybank redefines banking security, empowering customers to enjoy digital convenience while staying one step ahead of online fraud.
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