PETALING JAYA: Maybank will introduce a 12-hour cooling-off period for transfer limit increase requests on its Maybank2U website, effective July 31.
The bank said the cooling-off or waiting period was introduced to curb online bank fraud, especially in cases where scammers increase transfer limits before performing unauthorised transactions.
The measure, it said, will allow customers to take preventative steps such as contacting the customer care hotline or activating the Kill Switch via its website or MAE app to temporarily block accounts and stop all transactions.
Transfers are still possible within the cooling-off period, as long as the customer doesn’t exceed the current transfer limit.
In an FAQ, it said the 12-hour cooling off period is mandatory for all transfer limit increases for third-party transfers (Maybank to Maybank), interbank transfers (DuitNow, DuitNow-Transfer and GIRO), as well as FPX and DuitNow Online Bank/ewallets.
It said customers will receive a notification via the app or SMS when the cooling period begins and ends.
Bank Negara Malaysia requires banks in Malaysia to adopt high standards of security, especially for Internet and mobile banking services.
In March, the Association of Banks in Malaysia said financial institutions in Malaysia successfully prevented suspicious and fraudulent transactions worth RM383mil in 2023.
It said banks have implemented five key scam prevention measures, including migrating from SMS one-time passwords and introducing a cooling-off period on first-time enrolment for online banking services.