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

Nintendo cuts annual operating profit forecast as Switch sales slow
You may have blocked someone on X but now they can see your public posts anyway
Japan taps US chip startup Tenstorrent to help train new wave of engineers
Chinese AI firms are splurging on ads, report finds, as chatbot market gets crowded
Data of over 148,000 people leaked after ransomware attack on 2 Hong Kong hearing centres
Woman kidnapped by ex rescued after friend tracks her with Find My iPhone, US cops say
Australia scrapped satellite because new tech could 'shoot it out of sky', says defence minister
Instagram plans to use AI to catch teens lying about age
World's first wooden satellite, developed in Japan, heads to space
This humanoid robot can now operate with full autonomy

Others Also Read