GoTyme Bank, a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme, is optimizing its tech and security measures ahead of its launch. In 2021, the bank received its license to operate in line with the Bangko Sentral ng Pilipinas’ goal of digitizing 50% of all payments and having 70% of Filipino adults into the banked population by 2023.
Amid incidences of phishing, malware, ransomware, fraud, identity theft, and social engineering in the banking industry, GoTyme Bank has heavily invested in the best cyber security controls to strengthen its defenses. Social engineering is the act of deceiving individuals in order to manipulate them to disclose confidential or personal information, such as one-time pins (OTP) or passcodes.
