Maybank will enforce a 12-hour cooling period for increased transfer limits starting 31 July
As part of its effort to safeguard customers, Maybank has announced that they will enforce a 12-hour cooling period for any request to increase transfer limits via the Maybank2u website.
The new protocol will begin 31 July 2024, and will apply to transactions performed on both the Maybank2u website and MAE app. The following services which will be affected are:
- Third-party transfers (Maybank to Maybank)
- Interbank transfers (DuitNow, DuitNow-Transfer, and GIRO)
- FPX & DuitNow Online Banking/Wallets
Maybank customers who submits a request to increase the transfer limit will receive push notifications from the MAE app or SMS to notifying them of when the cooling period starts and ends.
If, during the cooling-off period you decide to increase the transfer limit again, the cooling-off period will reset starting from the latest request. However, if the adjustment involves equaling or lowering the transfer limit to the current active limit, it will be reflected immediately with no cooling period necessary.
The cooling-off period was introduced to curb online banking frauds. In the case where customers are experiencing a scammer’s attempt to increase the victim’s transfer limit to execute unlawful transactions, the cooling-off period provides customers time to take preventive measures, such as calling Maybank’s Customer Care hotline at 1300-88-6688, or activating the Kill Switch via the Maybank2u website or MAE app to temporarily block the account.
For more information regarding the new 12-hour cooling period, or to read a more comprehensive FAQ, visit Maybank’s official page.
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