UOB Malaysia is committed to fully migrate its customers to using UOB Mighty Secure by June 2023, in line with Bank Negara Malaysia (BNM)’s guidance for banks to migrate to more secure authentication methods[1]. With this migration, customers will utilise their digital tokens to authenticate certain transactions on UOB personal internet banking (PIB) site and UOB Mighty app, including fund transfers, payments and changes to personal information and account settings.
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[1] On 22 September 2022, BNM Governor has announced five key measures to combat financial scams. For more information, please refer to the statement in the Association of Banks in Malaysia online.
The UOB Mighty Secure digital token, accessible via UOB Mighty app, incorporates a two-factor authentication process, providing more robust protection compared to SMS One-Time-Passwords (SMS-OTP) sent to mobile phones. It replaces the use of SMS-OTP service, with customers no longer needing to obtain a one-time password via text message every time they wish to make a transaction.
Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said, “UOB Malaysia fully supports the five measures announced by BNM to ensure greater security and protection for customers against scams. Cybersecurity is of paramount importance to us. As we continue to invest in our digital capabilities and online platforms, UOB Mighty Secure provides our customers an easy, convenient and secure way to authenticate transactions on our digital banking platforms. We will continue to enhance our security features to enable customers transact securely online and protect them against financial scams.”
To safeguard customers at present, all banking transactions of RM10,000 and above performed via UOB’s website and UOB Mighty app must be authenticated with UOB Mighty Secure. Customers who register for UOB Mighty Secure via their UOB Mighty app will use a password that they pre-set themselves to authenticate certain transactions performed on UOB Mighty and PIB. This method is easier and more convenient than using an SMS-OTP which is a unique password that is automatically-generated and valid only for a short period of time.
Since its launch in 2018, the Bank has seen a strong adoption of Mighty Secure digital token among its customers[1]. The growth in usage of UOB Mighty Secure is also aligned with findings from the UOB ASEAN Consumer Sentiment Survey (ACSS) 2022[2], where more than six in 10 Malaysians surveyed said they wanted banks to implement multi-factor authentication for logins and transactions in order to gain their trust to use digital or online banking.
The study also found that more than 60 per cent of Malaysian respondents expect their online banking activities to increase in the next six months. With this potential trend, the implementation of multi-factor authentication process such as UOB Mighty Secure digital tokens will be critical in providing further protection to consumers against online scams.
UOB Malaysia will also continue its efforts on raising awareness on scams through customer engagement initiatives at branches, as well as electronically through its official social media platforms, text messages and e-direct mailers. Customers who suspect that they had been scammed or had inadvertently disclosed their personal or bank information should immediately call UOB’s 24-hour Fraud Hotline at 03-2612 8100 to seek assistance.
For more information about UOB Malaysia’s security alerts and measures, please visit https://www.uob.com.my/default/security-alert.page
[1] Source: According to UOB Malaysia internal data from 1 September 2021 to 31 August 2022, there was almost 70 per cent increase in customers using UOB Mighty secure to authenticate their digital banking transactions.
[2] UOB’s ACSS 2022 provides consumer insights on how attitudes, behaviours, needs and actions have evolved post-COVID-19. The regional survey, conducted in June 2022, involved more than 3,000 consumers across five ASEAN markets. More than 500 Malaysian respondents participated in the survey.
Source: UOB Malaysia
