Maybank launches Money Lock, a feature allowing customers to secure their funds from online theft. Customers can lock amounts ranging from RM10 to their full balance, earning interest while protected from unauthorized access.
Online scams, especially those related to online banking , are unfortunately but increasingly common nowadays, stirring fear among online bank users. To help tackle and reduce the number of online scams, Prior to the launch of Money Lock in Malaysia, the same feature was first introduced by Maybank in Singapore back in mid-2024.
Money Lock essentially allows customers to lock funds in their savings or current accounts of their choice, keeping them from being digitally accessed, and thus safe from online scammers. You can choose to lock your preferred amount, from as little as RM10 to the total available balance in your Maybank accounts. You can increase any locked amount directly from your MAE app, with no fee imposed and no limit on the number of times Money Lock can be activated. You will also continue to earn the same interest or profit rate on the locked funds, as part of your account balance. But if you wish to unlock your funds or decrease the amount of locked funds, you can visit any Maybank ATM or branch nationwide for a quick verification process. Maybank says this step is taken to ensure that locked funds remain secure from unauthorised access. Upon successful verification, the funds will be instantly unlocked or decreased, depending on your request. For customers’ safety, locked funds are kept protected against any online banking and ATM activity. The locked funds cannot be used for transactions such as online transfers, ATM withdrawals, debit card usage, bill/credit card/loan payments, fixed deposit placement, standing instructions, and more, thus adding another layer of protection for customers
Money Lock Online Banking Scams Security Maybank
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Maybank Launches Money Lock Feature to Combat Online ScamsMaybank has introduced Money Lock, a feature allowing customers to lock funds in their savings or current accounts, safeguarding them from online scammers. The feature, first launched in Singapore in mid-2024, enables Malaysians to choose an amount to lock, from RM10 to their full balance, through the MAE app. Locked funds remain protected from online banking and ATM activity, preventing unauthorized transactions. To unlock or decrease locked funds, customers can visit a Maybank ATM or branch for verification.
Read more »
This E-Wallet Gives You Top Conversion Rates On MYR, USD, SGD, GBP & More! Here's HowYou can also lock in currency exchange rates and withdraw money overseas.
Read more »
KTMB Launches MySawasdee Penang Edition Train ServiceKTMB introduces the MySawasdee Penang Edition train service, enhancing connectivity and travel experiences.
Read more »
Maybank: Empowering an Inclusive and Sustainable ASEANThis article discusses Maybank's commitment to supporting an inclusive and sustainable ASEAN community under Malaysia's Asean chairmanship. It highlights the region's strong economic performance and Maybank's role in empowering its people through four key pillars: Values-Based Finance, Inclusive Economy for MSMEs, Sustainability, and Social Impact.
Read more »
Bursa Malaysia recovers to close higher as Maybank, Petronas Chemicals lead the chargeKUALA LUMPUR, Dec 30 — Bursa Malaysia ended the penultimate day of the year positively after a weak start, driven by buying momentum in selected heavyweights led by Maybank and...
Read more »
OctaTrader Introduces “Space”: A Popular Analytics Hub Enhancing Trading DecisionsIn 2024, OctaTrader has emerged as a popular trading platform, demonstrating a six-fold year-on-year growth in its user base since its launch in late ...
Read more »