Maybank releases Money Lock feature to combat scams
Maybank has introduced an optional new security feature called Money Lock. This feature allows Maybank users to lock a customizable amount of funds in their Current or Savings Account(s), preventing online scammers from digitally accessing the locked funds.
Money Lock essentially freezes a set amount of funds in your Maybank account, which cannot be utilized unless the funds are unlocked. Maybank users can increase the locked amount anytime via the MAE app. However, locked funds can only be unlocked or decreased through Maybank ATMs or branches.
According to Maybank’s official page, users can lock a minimum of RM10, up to the total available balance in their bank accounts.
Do note that once the funds are locked, they cannot be used for online transactions, including payments, online transfers, ATM withdrawals, or bill and credit card payments. As such, Maybank advises users to manage their finances carefully and ensure a sufficient available balance to avoid late fees or charges.
How to activate Maybank Money Lock
To utilize Money Lock, follow these step-by-step instructions from Maybank:
- Step 1: Launch your MAE app and tap ‘Accounts’ at the bottom navigation bar
- Step 2: Select the account you want to lock funds for
- Step 3: Once you’ve selected the account, tap the ‘Money Lock’ icon
- Step 4: Read the on-screen information and tap ‘Lock Now’ to lock your funds
- Step 5: Enter your preferred amount to lock
- Step 6: Review and agree to the Terms & Conditions shown
- Step 7: Review the details and tap ‘Confirm’
- Step 8: Approve the transaction via Secure2u and you’re done!
Your locked amount will appear on your account card in the ‘Accounts’ page.
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