Goodbye to scams? Maybank introduces Money Lock feature to protect your money from scammers. With the rise of online scams, especially in online banking, users are becoming more fearful. Maybank has launched Money Lock in their MAE app as a way to combat and decrease online scams, making it the first anti-fraud security feature in Malaysia.
Before Money Lock was introduced in Malaysia, Maybank had already introduced a similar feature in Singapore in mid-2024.
Money Lock is a feature that lets customers lock funds in their chosen savings or current accounts, preventing them from being accessed digitally, which protects them from online scams. Customers can select the amount they want to lock, starting from as low as RM10 up to the total available balance in their Maybank accounts.
You have the ability to raise the locked amount through your MAE app without any charges and with unlimited activation of Money Lock. The interest or profit rate on the locked funds will remain the same and be included in your account balance.
If you want to access your funds or reduce the amount of funds that are locked, you can go to any Maybank ATM or branch across the country for a simple verification process. Maybank states that this verification is necessary to protect locked funds from unauthorized access. After the verification is successful, your funds will be immediately unlocked or reduced, based on your request.
This feature is helpful for people who are not very familiar with technology and are at a higher risk of falling for online scams, like elderly individuals.
Money Lock ensures that scammers cannot access my funds by keeping locked funds safe from online banking and ATM activities. These locked funds cannot be used for transactions like online transfers, ATM withdrawals, debit card payments, bill/credit card/loan payments, fixed deposit placement, standing instructions, and more. This provides an additional layer of protection for customers.
Maybank has put in place several measures to prevent fraud and ensure the security of its customers.
Maybank advises users of Money Lock to carefully plan their finances, take into account any upcoming financial obligations, and make sure they have enough funds for necessary transactions before activating the feature to avoid any disruptions in their banking experience.
Instructions on how to enable Money Lock are provided in a step-by-step guide.
To find out more about the new Money Lock feature, you can go to the official Maybank website.
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