CIMB Bank Bhd has announced a new set of security features that will be implemented by the end of June, including a new requirement that makes SecureTAC approval mandatory for all fund transfers.
This includes transfers made via Favorite transfers such as JomPay, mobile prepaid reloads, and bill payments, among others. SecureTAC approval had previously only been mandatory when making FPX transactions above RM100.
For those unaware, SecureTAC is a security feature that allows banking customers to approve payments and transactions through the CIMB Octo or Clicks mobile app, which replaces the one-time passwords (OTPs) sent over SMS.
Bank Negara Malaysia had previously instructed that banks migrate from the existing SMS TAC codes to a more secure authorisation method for improved online banking security back in 2022.
CIMB banking customers who have not yet activated SecureTAC can do so on either CIMB Octo or CIMB Clicks, with further instructions available in the respective apps. Do note that SecureTAC can only be enabled on a single device and banking app at a time.
Additional security features include a new default transaction limit for own account transfers, which is set to RM5,000, and a mandatory 12-hour cooling-off period whenever an account’s transaction limits are increased.
For more information, check out the bank’s FAQ here.