CIMB to require SecureTAC authorisation for all fund transfers by end of June


Bank Negara Malaysia had previously instructed that banks migrate from the existing SMS TAC codes to a more secure authorisation method for improved online banking security back in 2022. — AZHAR MAHFOF/The Star

CIMB Bank Bhd has announced a new set of security features that will be implemented by the end of June, including a new requirement that makes SecureTAC approval mandatory for all fund transfers.

This includes transfers made via Favorite transfers such as JomPay, mobile prepaid reloads, and bill payments, among others. SecureTAC approval had previously only been mandatory when making FPX transactions above RM100.

For those unaware, SecureTAC is a security feature that allows banking customers to approve payments and transactions through the CIMB Octo or Clicks mobile app, which replaces the one-time passwords (OTPs) sent over SMS.

Bank Negara Malaysia had previously instructed that banks migrate from the existing SMS TAC codes to a more secure authorisation method for improved online banking security back in 2022.

CIMB banking customers who have not yet activated SecureTAC can do so on either CIMB Octo or CIMB Clicks, with further instructions available in the respective apps. Do note that SecureTAC can only be enabled on a single device and banking app at a time.

Additional security features include a new default transaction limit for own account transfers, which is set to RM5,000, and a mandatory 12-hour cooling-off period whenever an account’s transaction limits are increased.

For more information, check out the bank’s FAQ here.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Exclusive-Amazon likely to face investigation under EU tech rules next year, sources say
US natgas producers chase AI-driven surge in power demand to weather low prices
Snowflake shares surge on rosy forecast, AI deal with Anthropic
Digital banks lead profitability gains among Brazilian lenders, says central bank
PayPal fixes outage that affected thousands worldwide
X's former top policy chief takes job with Elon Musk rival, Sam Altman
Alibaba integrates e-commerce platforms into a single business unit
US watchdog issues final rule to supervise Big Tech payments, digital wallets
Nvidia to build AI school in Indonesia, VP says
A Google PC running Android could be in the works

Others Also Read