As more individuals shift their financial activities from brick-and-mortar banks to online, ensuring the safety and security of their funds has become a top priority. The digital landscape is fraught with various cyber threats, including fraud, phishing attacks, and malware, and as such, consumers are always seeking out trustworthy financial institutions that can protect them from these attacks.
Maya, the number one digital bank in the Philippines, understands this necessity. That’s why we make sure that we comply with the latest security standards and implement robust cybersecurity protocols to keep your money safe. Here’s a look at the different Maya security measures that help keep your money secure, allowing you to continue using our banking products and services without compromising your safety.
Complies with PCI DSS
Maya is committed to upholding the highest security standards by adhering to the Payment Card Industry Data Security Standard (PCI DSS). This set of comprehensive security protocols is designed to ensure that all companies accepting, processing, storing, and/or transmitting debit or credit card information maintain a secure environment throughout each financial transaction. It also outlines essential requirements for data protection, such as strong encryption, stringent access controls, regular security audits, and effective authentication measures, to safeguard sensitive customer information from potential cyber threats. With Maya being a PCI DSS-certified company, you can rest assured that your financial data is handled with utmost care and protection.
Operates Under the Stringent Regulatory Standards of Bangko Sentral ng Pilipinas (BSP)
In addition to our PCI DSS certification, Maya is also one of the only six Bangko Sentral ng Pilipinas (BSP)-licensed digital banks in the country. This means we operate under the strict regulatory framework established by the BSP, ensuring a high level of consumer protection and financial stability.
As part of our regulatory compliance, we undergo regular audits and assessments to ensure adherence to capital requirements, risk management practices, and consumer protection guidelines. What’s more, the BSP mandates that all deposits made into BSP-licensed banks are insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 500,000 per depositor, providing you with an additional layer of security for our savings products such as Maya Savings, Personal Goals, and Time Deposit Plus. This ensures that your hard-earned money is protected, allowing you to focus on achieving your financial goals without unnecessary worry.
Provides Excellent Fraud Protection by Partnering with SHIELD
Maya recognizes the persistent threat of financial fraud, thus, we’ve taken significant steps to combat it by partnering with SHIELD—a premier risk intelligence platform specializing in fraud prevention and detection. Through SHIELD's advanced analytics and machine learning technologies, we can continuously monitor user behavior and transaction patterns. When suspicious transactions are detected, immediate alerts are dispatched to Maya and the affected customer. This enables rapid intervention, allowing us to freeze potentially compromised accounts and prevent unauthorized access to funds before any significant damage has been done.
Moreover, the partnership with SHIELD lets us stay ahead of evolving fraud tactics. By leveraging insights from real-time data analysis, we can refine our fraud protection strategies and security protocols, ensuring our customers benefit from the latest advancements in cybersecurity. This proactive approach not only safeguards your funds but also instills confidence in your Maya banking experience.
Keeps Large Transactions Locked Behind an OTP
When it comes to making significant financial transactions, whether it’s transferring a large amount of money from your Maya account to other banks and e-wallets or applying for credit and loans, Maya ensures your security by requiring a one-time password (OTP) to complete them. This added level of protection helps ensure that only you, the account holder, can approve significant withdrawals or transfers, reducing the risk of unauthorized access and potential fraud. Each time you initiate a large transaction, an OTP is generated and sent to your registered mobile number on the Maya app. Once received, you need to type in the numerical password to verify your identity and finish the transaction. Take note that this password is time-sensitive and can only be used once. If the wrong OTP is entered too many times, we’ll disable the feature for 24 hours to keep your money safe.
Utilizes Advanced Login Security Measures
To ensure a safe and seamless banking experience, Maya employs a variety of advanced login security measures to protect user accounts. Apart from encouraging you to create a complex alphanumeric password, we also offer biometric login options like face ID and fingerprint ID, which are quick, secure, and unique to each user. These biometric methods make it far more difficult for unauthorized individuals to access your account, as they rely on your physical characteristics.
Maya also limits account access by enforcing a policy that allows users to log in to one device at a time. This way, you can ensure that even if your login credentials are compromised, the account cannot be accessed from another device without being logged out of the initial one. Furthermore, when logging in from a new device, you’re required to enter an OTP sent directly to your registered mobile device. This two-factor authentication process ensures that only the legitimate account holder can gain access to their account.
If you’ve ever asked yourself, “Is Maya safe for managing my finances?” the answer is a resounding yes. Maya takes your security seriously, and by continuously implementing these top-tier security protocols, we can ensure that your personal and financial data are well-protected, enabling you to confidently handle your finances without worrying about potential threats.
