According to CIMB, this forthcoming change is part of its continuous effort to improve the user’s online banking security and to minimise fraud risk, which is in line with Bank Negara Malaysia’s direction to combat financial scams. As you may recall, the bank had also introduced a similar implementation back in December of last year that made SecureTAC authorisation mandatory for all online transactions valued RM 100 and above, including non-favourite fund transfers, bill payments, prepaid top-ups, and so on. In the same notice, the bank is also advising CIMB OCTO app users to utilise its CIMB Clicks app when conducting both regular and FPX online transactions that are above RM 100. Reason being that the SecureTAC function is unavailable on the current version of the former platform, therefore the latter is required in order for customers to perform the approval process. CIMB promises to continue updating the CIMB OCTO app with more features over time.
Apart from this recent implementation, the bank previously revealed that it also intends to extend SecureTAC authorisation to transactions valued RM 100 and below, as well as non-monetary proceedings. The date of rollout for these upcoming changes are still not known at this time, though CIMB did mention plans of introducing them within the first half of this year.
In case you missed it, the bank debuted a new “kill switch” security feature called Lock Clicks ID to its CIMB Clicks and CIMB OCTO applications earlier this year. This provides users the ability to immediately freeze or suspend their accounts in the event that it has been compromised, or if they suspect any unusual or potential fraudulent activity. Customers must either call the bank’s contact centre or visit any of its branches in order to recover their accounts once it is safe to do so. (Source: CIMB [official website])
