M'sians Lost RM134 Million To Digital Scams Last Year. Here's How Banks Are Responding

Over 28,000 cases concerning online banking fraud were reported last year.

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This Spotlight is sponsored by Maybank. 

Did you know that in the second half of 2022, there were 19,165 cases of online banking fraud involving RM94.6 million reported in Malaysia?

According to Bank Negara Malaysia, this was a significant increase from the first half of 2022, which reported 9,735 cases totalling RM39.9 million.

With digital scams on the rise, Bank Negara Malaysia has urged banks to proactively safeguard Malaysian customers through fraud countermeasures and secure authentication methods

Bank Negara Malaysia has requested all banks to remove all clickable hyperlinks in SMS and email communications, restrict customers to one mobile device for the authentication of online banking transactions, strengthen the process for enrolling new mobile devices, tighten fraud detection rules, set up 24/7 call center to help fraud victims, and more.

Many banks have also been continuously fine-tuning fraud detection regulations to detect and block suspicious transactions, as well as collaborating with the Malaysian Communications and Multimedia Commission (MCMC) to take down fake websites.

Maybank will also be strengthening their verification process for Secure2u, a Maybank secure authentication method for online banking transactions

As of 31 October, all Maybank customers who register for Secure2u for the first time or on a new device activate their Secure2u authentication at over 2,900 Maybank ATMs nationwide, available at your convenience.

Not sure what Secure2u is? It's a secure authentication method that you have to utilise to approve every online transaction on the MAE app or Maybank2u website.

But if you have your Secure2u set up already, fret not, you won't have to activate your Secure2u authentication again, unless you're using a new device. Overseas and need to activate it urgently? Maybank's call center is here to help you with their call centre line: +603-7844 3696 

With the strengthening of Secure2u, it prevents scammers from making or approving any online bank transactions on their own device, giving you additional peace of mind.

Do note that once you activate your Secure2u for your new device, you'll have to wait for at least 12 hours before you can make an online transaction

In the event that a fraudster now tries to hack your account, they will need to pass through various levels of security, from accessing your phone to being at the ATM with your card and PIN details. And even if they do manage to access your account, they would not be able to make any transactions for at least 12 hours, making it very difficult for them.

To further protect customers, the cooling-off period may vary, depending on the scam trends and transaction patterns. According to Maybank, this measure is imperative, and acts as an additional layer to thwart scammers, ensuring that their customers are the sole approvers of their Secure2u registration.

For both new Maybank cardholders and existing Maybank cardholders with a new device, here's how to activate your Secure2u authentication:

PART 1: Register for Secure2u via the MAE App
- Download or launch the MAE app
- Under Quick Actions, tap ‘Secure2u’ to register for Secure2u on your device
- Tap ‘Register Secure2u Now’ and follow the on-screen instructions to complete your registration

PART 2: Activate Secure2u at any Maybank ATM nationwide
- Insert your Maybank ATM card into the Maybank ATM
- On the Main Menu, select 'Secure2u Activation'
- Select 'Activate Secure2u' and follow the on-screen instructions to complete your activation

For a smoother activation experience, Maybank recommends that you be physically present at a Maybank ATM before you initiate your Secure2u registration on the MAE app.

Don't own a MAE or Maybank ATM card? You'll need to register via the MAE app and call Maybank Group Customer Care (MGCC) to activate your Secure2u. Overseas customers with no access to Maybank ATMs will also need to call MGCC to activate their Secure2u.

Besides that, Maybank is also reminding all their customers to always practise these three safety measures to defend against scammers:

Image via Ex Libris
1. Never click on hyperlinks from unknown sources
2. Never download any apps from any links, apart from those that are published on official app stores
3. Never share your username, password, and PIN with anyone, not even with your friends and family members

All in all, Maybank remains resolute in their efforts to protect the financial security of their customers against scammers, as well as take all possible measures to detect and block financial scams

You can rest assured that the financial institution will take all possible measures to detect and block financial scams. 

In fact, Maybank is expanding their anti-scam partnership to the wider financial ecosystem and collaborating with telcos, e-wallet providers, and government agencies to halt scammers. 

Head over to Maybank's website for more information

Image via Maybank

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