Maybank will introduce a significant security enhancement for its online banking services. Starting July 31, requests to increase transfer limits via the Maybank2u website or the MAE app will be subjected to a mandatory 12-hour cooling-off period.
Cooling-off period: How it works
According to Maybank, the cooling-off period will apply to various types of transfer limit increases, including third-party transfers (Maybank to Maybank), interbank transfers (DuitNow, DuitNow-Transfer, and GIRO), and FPX & DuitNow Online Banking/Wallets.
Customers will be notified immediately via push notifications or SMS upon requesting an increase in the transfer limit.
This notification marks the beginning of the cooling-off period, during which no changes to the transfer limits will be allowed.
After 12 hours, customers will receive another notification from the MAE app or SMS indicating the end of the cooling-off period, and only then will the new transfer limits become effective.
An additional layer of security
Maybank said that the cooling-off period is designed to provide an additional layer of security, giving customers ample time to review and confirm the legitimacy of their transfer limit increase requests.
This precautionary measure ensures that even if a fraudster gains temporary access to a customer’s account, they will be unable to immediately increase the transfer limits and conduct large unauthorized transactions.
In addition to the cooling-off period, Maybank encourages its customers to remain vigilant and proactive in safeguarding their online banking credentials.
Yes, you can continue to use your account during the cooling-off period
During the cooling-off period, customers can continue to make transactions up to their previous limit without disruptions. The new increased limit will only take effect once the 12-hour cooling-off period ends.
They can also adjust their transfer limit during this period.
However, if the adjustment involves setting a higher limit, the cooling-off period will reset. Customers will need to undergo another full 12-hour cooling-off period before the new limit takes effect.
Customers seeking more information about the new cooling-off period can visit the Maybank2u website here or contact the bank’s customer service for further assistance.
