Maybank: Secure2u will fully replace OTP for all services by June 2023

Maybank: Secure2u will fully replace OTP for all services by June 2023

Previously, we reported that Bank Negara Malaysia (BNM) told banks in our country to migrate from OTP to more secure authentication. Today, Malayan Banking Bhd (Maybank) has pledged its commitment to the call and will fully replace OTP via SMS with its Secure2u authentication system by June 2023. 

In a statement today, Maybank said that the move was in line with BNM’s new measures to heighten online banking security in Malaysia. Maybank further asserted that currently, it only allows one Secure2u device per account holder to minimise the possibility of a customer’s online banking details being compromised or used by any third party. 

Furthermore, Maybank also alerts a customer via SMS, push notification and e-mail when Secure2u is registered on a new device. This measure is an added security measure implemented by Maybank to ensure customer account security. 

Previously, Maybank also increased security measures for Secure2u activations, whereby it will only be available via the MAE app. Starting this October, customers can no longer activate Secure2u via the M2U My app. 

So, what do you guys think of this move by Maybank? Share your thoughts with us in the comments below and stay tuned to TechNave for more trending tech news in Malaysia and beyond!

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