Maybank to stop issuing SMS TAC for online transactions, urges users to activate Secure2u
PETALING JAYA: Maybank says it will no longer be generating SMS TAC (transaction authorisation code) to approve selected online transactions on Maybank2u as it will be switching to Secure2u as the preferred authorisation method.
From March 15 onwards, users will be required to utilise Secure2u to authorise bill payments and Interbank Giro (IBG) transfers of any amount on Maybank2u.
The company said in a statement on its website that the move is part of an effort to provide customers with better online banking security.
According to its website, Secure2u “pairs your device with your Maybank2u User ID”, providing “an extra level of security as all transactions initiated can only be authorised on your registered device”.
The bank claims that Secure2u is a safer and more convenient way to authorise transactions, which can be done either by using Secure Verification (one-tap approval) or Secure TAC (six-digit TAC number generated on the Maybank2u mobile app).
Secure Verification lets Maybank2u users approve or reject online transactions on their device once a notification alert on the transaction is sent to their phone.
Alternatively, Secure TAC allows users to approve online transactions on the Maybank2u website by keying in the six-digit TAC number from the app.
If users have already registered for Secure2u, then the service will be the default method for all transactions.
To activate Secure2u, users can start by downloading the Maybank2u MY app on Google Play or Apple App store. Click on the Menu tab on the left and select Secure2u then follow the setup instructions. They will be asked to key in a one-time password sent to their phone number, enter ID number and then submit.
A separate app Mae by Maybank2u also utilises one-tap authorisation method. Users will receive a notification alert on their phone and they have 50 seconds to approve or reject the transaction on the app.
The company had previously made Secure2u the only authorisation method for transactions above RM5,000 starting on Feb 16, and subsequently for transactions of RM4,000 and above on Feb 24.
Secure2u is currently used to authorise transactions valued at RM3,000 and above, which came into effect on March 8.
After each effective date, SMS TAC was no longer generated for users.
Source: TheStar