Maybank: SMS OTPs finally gone as it completes migration to Secure2u for online banking

Following the instruction by Bank Negara Malaysia (BNM) in September 2022 for all financial institutions to end the use of SMS One Time Passwords (OTP), Maybank has now revealed that it has completed its migration from SMS OTPs to Secure2u, its own secure authentication method.

According to Maybank, the migration to Secure2u will see all online banking services such as bill payments, DuitNow, FPS and IBG transactions require Secure2u authentication. Maybank users will be able to easily approve all of their online banking transactions and also update their personal information such as mobile number and address using Secure2u. Maybank says that because they’re binding one Secure2u device per customer account, it’ll help reduce the chance of scammers performing unauthorised transactions on other devices as well as encourage users to practice good cyber hygiene practices.

“We have taken multiple proactive initiatives in order to curb rising scams and safeguard our customers’ accounts, such as enabling only one Maybank2u access per device on the MAE App, since its launch in October 2020.

We are pleased that these initiatives combined with our ongoing intensive scam awareness campaign to educate customers will continue to help our customers prevent financial loss and save their monies,” – Dato’ Khairussaleh Ramli, Maybank Group President and CEO

On top of that, it’s worth pointing out again that starting from 1 July 2023 onwards, all Secure2u authorisation will be moved to the MAE app. As such, you will need to have the MAE app on your smartphone to authorise and approve online transactions, even those done on Maybank2u Web, the Maybank2u app and the MAE app itself.

They advise all of their customers to continue safeguarding their online banking credentials and to never share their passwords, even with friends and family. Users are advised to be vigilant and avoid installing suspicious APK files, avoid clicking links unnecessarily from text messages as well to never provide permission to apps to send and view your SMSs. You should also never use a rooted or jailbroken device and to constantly update your device’s operating system and apps regularly.

Maybank is also offering to help customers with older smartphones that may already outdated or with unsupported operating systems. The bank is having a ‘More Secure, More Discounts’ campaign where customers can get a Maybank EzyPay 0% instalment plan with up to RM158 off when they purchase selected Oppo-branded devices, including the Oppo Reno 8T 5G that had launched earlier this year. You’ll be able to find these deals from now till the end of July 2023 at any Oppo store, Harvey Norman and Senheng retail store nationwide.