CIMB Bank Berhad is taking proactive steps to enhance the security of its online banking services.
By the end of June 2024, the bank will implement several new measures to CIMB Clicks Online Banking and CIMB OCTO App, designed to safeguard customers’ financial transactions and protect them from potential fraud.
One of the significant changes involves the introduction of SecureTAC verification. This feature acts as an additional layer of authentication for all fund transfers.
Whether you’re making payments to favourite recipients like JomPAY, settling bills, topping up your account, or transferring funds to your own accounts, SecureTAC will be mandatory.
By requiring customers to approve transactions using SecureTAC, CIMB aims to reduce the risk of unauthorised transfers.
For newly registered users of CIMB Clicks and CIMB OCTO App, there’s an important alteration. The default transaction limit for own account transfers will now be set at RM5,000.
The default limit is designed to reduce the risk of potential fraud, particularly for users who may not be well-versed in the security aspects of CIMB’s online banking platform. By implementing this, CIMB provides an additional safeguard for new users.
To prevent immediate changes that could be exploited by scammers, CIMB is introducing a 12-hour cooling-off period for requests to increase transaction limits on the CIMB OCTO app.
This thoughtful delay ensures that any adjustments are carefully considered and not rushed. It’s a proactive measure to safeguard users’ accounts and prevent unauthorised modifications.
The transaction limit adjustment function will be removed from the CIMB Clicks app by the end of this month.
As part of its transition strategy, CIMB has already dropped support for the Clicks app, urging customers to shift to the newer OCTO app.
While the Clicks app remains usable for now, its lack of ongoing support, especially in terms of security, makes it clear that the future lies with the OCTO app.
