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GoTyme Bank: Trust is key for millions of customers

GoTyme Bank: Trust is key for millions of customers
GoTyme
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GoTyme Bank, a collaboration between the Gokongwei Group and the global digital banking group Tyme, has been acknowledged as one of the fastest-growing banks in the country, with over five million customers in just a little over two years of operations.

Albert Tinio, GoTyme Bank co-CEO, during his guest appearance on DAILY TRIBUNE’s digital show Straight Talk, emphasized that building trust was the key to the bank’s success.

Tinio noted that GoTyme Bank has earned the trust of millions of customers because of its Gokongwei affiliation, the well-established digital banking system of Tyme, its inclusive “phygital” (physical and digital) model, human banking, and simple yet innovative products.

However, with scams becoming increasingly widespread, GoTyme is working hard to strengthen its cybersecurity and protect its customers from cyber threats.

“GoTyme is a bank regulated by the [Bangko Sentral ng Pilipinas]. We have strict cybersecurity standards that banks must adhere to in order to be granted a license. Because we have a license, that means we passed the BSP audit and review,” he said.

“Second, all banks are covered by the Philippine Deposit Insurance Corporation, so the money that customers put in the bank is backed up by PDIC,” he pointed out.

PDIC protects bank account holders by providing deposit insurance coverage of up to P500,000 for each depositor to help promote financial stability.

GoTyme Bank also benefits from the expertise and experience of the Tyme Group in cybersecurity and fraud detection and management.

“Let’s remember that cybersecurity is not the sole responsibility of the banks. It is a shared responsibility with the account holders and the government,” he underlined.

He noted that the government is diligently doing its part and is about to implement the Anti-Financial Account Scamming Act (AFASA).

Republic Act 12010, or the AFASA, is a new law aimed at protecting citizens from the growing threat of financial scams and cybercrimes.

Further, GoTyme Bank works closely with government institutions, having recently signed a memorandum of agreement with the Department of Justice to strengthen their cybersecurity alliance against fraud and cybercrime.

The agreement outlines cooperation to enhance law enforcement and prosecution efforts.

The bank also has agreements with the Philippine National Police Anti-Cybercrime Group (PNP-ACG) and the Cybercrime Investigation and Coordinating Center (CICC) to strengthen real-time customer protection against cybercrime, according to Tinio.

The GoTyme executive stressed that account holders must also do their part to protect their resources.

“Don’t fall for scammers. Protect your hard-earned money. Start with having a strong password for your account. My mother used to tell me when I was young to trust in the inherent goodness of people. But nowadays it’s not bad to doubt. Doubt it if a person asks for your OTP (one-time password). Do not click on a link sent to you by someone you don’t know. Be mindful of smishing text messages,” he advised.

Smishing text messages involve fraudsters pretending to be a bank and asking a customer for their personal or financial information. Providing this information is like giving thieves the key to your bank account.

Tinio also encouraged the early reporting of scams. “Inform your sending and receiving banks right away, and file a police report,” he said.

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