Maybank’s new Money Lock feature is guaranteed to annoy scammers

In a world where online scams and fraudsters are getting more creative by the day, Maybank has swooped in with a flex-worthy anti-fraud feature that just might be the peace of mind Malaysians have been praying for. Introducing Money Lock, a first-in-Malaysia counterfraud feature on the MAE App that lets you do the unthinkable: digitally lock your money so no one (not even you!) can touch it without proper steps.

This feature lets you decide exactly how much of your savings or current account balance you want to keep on lockdown, starting from as little as RM10 to your total account balance. The best part? Your locked funds remain untouchable online, even by scammers, and your account balance still displays the full amount, making it a clever way to outsmart anyone attempting to access your funds.

Say you have RM100,000 in your account and you lock RM99,800. When the scammers get in, they’ll think they hit the jackpot. But when they try to transfer they can only transfer…. RM200, leaving scammers scratching their heads. Genius, right?

Activating the Money Lock is easy peasy

Activating Money Lock is as easy as 1-2-3 on the MAE App. Here are the steps:

Step 1: Enter MAE App, click on Money Lock under Quick Actions

Step 2: Read the T&Cs, then select ‘Lock Now’.

Step 3: After selecting the account you want to lock, select the amount to lock.

Step 4: A confirmation will pop up, select Yes to proceed.

Step 5: Click Confirm

Step 6: Approve the Secure2u authorisation

Step 7: Money lock successful!!

If you ever need to unlock your funds, a quick trip to any Maybank ATM or branch for verification will do the trick. This extra step might sound a tad leceh, but that’s precisely the point: keeping your money safe from unauthorised access.

Here’s what you can NOT do with locked funds:

The locked funds are shielded from:

• Online transfers
• ATM withdrawals
• Debit card transactions
• Bill payments
• Credit card/loan payments
• Fixed deposit placements
• Standing instructions, and more.

Basically, it’s like putting your money in a virtual vault, ensuring it’s safe from any online funny business. But don’t worry – you’ll still earn interest or profit on those locked funds as if they were free to roam.

The reason why it matters… (Hint: Scammers are getting smarter)

Let’s face it, online scammers are evolving faster than your TikTok feed. Maybank knows this, which is why Money Lock isn’t their only anti-fraud weapon. Other measures include:

• Replacing SMS OTP with Secure2u to block SMS TAC fraud.
• Restricting online banking to one device per customer.
• Introducing a cooling-off period for transfer/payment limit increases.
• Enabling Secure2u activation via Maybank ATMs only.
• Embedding malware detection in the MAE App.
• Providing a 24/7 fraud hotline for immediate assistance.

Remember to stay scam free!!

Maybank’s doing their part, but here are some tips to keep yourself safe:

1. Don’t trust random calls or messages claiming to be from banks, law enforcement, or government agencies.
2. Avoid downloading APK files from social media (like ever).
3. Never share your online banking username or password with anyone – not even your cat.

Money Lock isn’t just another app feature; it’s a game-changer in banking security. With scammers constantly on the prowl, it’s comforting to know that you have the power to lock your funds and sleep soundly at night. Plus, you still get to enjoy the convenience of online banking without sacrificing safety.

Ready to lock it down? Check out Maybank’s Money Lock feature on the MAE App today. For more info on Money Lock, visit Maybank Money Lock’s and for tips on staying scam-free, visit Maybank’s Security Tips page.