(Updated)

Maybank says to fully migrate from SMS OTP to Secure2u

Maybank says to fully migrate from SMS OTP to Secure2u
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KUALA LUMPUR (Sept 28): Malayan Banking Bhd (Maybank) said on Wednesday (Sept 28) that it will fully migrate to a more secure authentication method via Secure2u by June 2023, from SMS one-time password (OTP), to heighten online banking security.

This is in line with Bank Negara Malaysia’s steer for banks to migrate from SMS OTP to a more secure authentication for online banking transactions, Maybank said in a statement.

“Currently, Maybank only allows one Secure2u device per account holder (per customer) to minimise the possibility of a customer’s online banking details being compromised or used by any third party.

“As an added security measure, Maybank alerts a customer via SMS, a push notification and an email when Secure2u is registered on a new device,” Maybank said.

At Bursa Malaysia on Wednesday, Maybank’s share price dipped one sen or 0.12% at 3:43pm to RM8.56, for a market capitalisation of about RM102.55 billion.

Maybank’s latest-reported number of outstanding shares stood at 11.98 billion, according to Maybank’s Bursa filing on Tuesday (Sept 27).