GoTyme Bank, a collaboration between the Gokongwei Group of Companies and Tyme Group, has partnered with the Department of Justice (DOJ) to strengthen cybersecurity efforts and combat financial fraud in the Philippines. The collaboration, formalized through a Memorandum of Agreement (MOA), marks a significant step in addressing the rising tide of digital crimes.
Recent data from anti-scam app Whoscall highlights the urgent need for such initiatives, revealing a 200% increase in scam calls and text messages during the first eight months of 2024. Between January 1 and August 15, the app’s community reported over 3 million text scams and 321,000 scam calls, many involving fraudulent websites, false promotions, and malicious app downloads.
The MOA, signed by GoTyme Bank Co-CEO Albert Tinio and DOJ representatives, aims to leverage the Cybercrime Prevention Act of 2012 and prepare for the implementation of the Anti-Financial Account Scamming Act. The agreement establishes a collaborative framework to enhance law enforcement investigations and prosecution strategies against financial fraud.
GoTyme Bank is taking a multifaceted approach to cybersecurity. The bank is continuously improving its Know Your Customer process and deploying advanced AI technology to detect suspicious activities. By combining technological solutions with human oversight, the bank seeks to create a robust defense against cyber threats.
The partnership builds on the DOJ’s innovative Justice Sector Coordinating Council (JSCC), a multi-agency body dedicated to identifying and combating transnational organized crime. This collaborative model underscores the importance of public-private partnerships in creating a secure digital environment.
As digital banking evolves, GoTyme Bank remains committed to its mission of becoming the most secure and reliable bank in the country. By working closely with law enforcement, the bank aims to protect customers, deliver justice to victims of financial crimes, and hold perpetrators accountable.
