GoTyme Bank, a collaboration between the Gokongwei group and Tyme, has ramped up security measures to safeguard accounts against fraudulent activities. This includes the disabling of suspicious accounts, aligning with Bangko Sentral ng Pilipinas (BSP) regulations, and a broader effort to combat phishing attacks, a prevalent form of fraud.
A recent Statista survey in the Philippines revealed that 51% of individuals facing digital fraud encountered phishing, while 42% fell victim to money-related fraud. GoTyme employs AI-driven tools to detect suspicious behavior and lock accounts to ensure compliance and maintain a secure banking environment rooted in trust.
Accounts flagged for potential involvement in unauthorized transactions, including money muling, undergo review. To reactivate a disabled account, the holder must engage with GoTyme through official channels and fulfill the bank’s requirements. Account holders may contact GoTyme Bank’s Customer Success Team anytime for proper guidance and coordination.
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“When we disable an account, it undergoes a review and is put on debit hold,” said Albert Tinio, co-CEO, GoTyme Bank. “This prevents the account holder from withdrawing or transferring funds from the account.
Phishing
Tinio underscored the bank’s commitment to ensuring secure banking experiences, comparing their vigilance to a surveillance system that prioritizes customer protection.
Accounts disabled due to suspected fraudulent activities, encompassing various schemes beyond phishing like vishing, skimming, and smishing, undergo scrutiny. While banks strive for a safe environment, customers play a crucial role by maintaining account security and exercising cyber-hygiene.
GoTyme’s stringent security measures, in compliance with regulatory standards, aim to fortify trust in the banking system while urging customers to uphold vigilance in safeguarding their accounts against evolving cyber threats.