GoTyme Bank and the Department of Justice (DOJ) has signed a Memorandum of Agreement (MOA) to fortify and strengthen commitments to fighting fraud and cybercrime. 

The MOA was officially signed by GoTyme Bank Co-CEO Albert Tinio and Fraud and Financial Crime Division Head Jason Brasileño on behalf of the bank, with Chief State Counsel Atty. Dennis Chan and Assistant Secretary Atty. Jose Dominic Clavano IV representing the DOJ. The agreement outlines a collaborative framework designed to enhance law enforcement investigations and prosecution strategies, with the shared goal of effectively combating financial fraud and cybercrime.

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The number of scam attempts in the Philippines has surged. Data from anti-scam app Whoscall reveals a 200% increase in scam calls and text messages in the first eight months of 2024 compared to the previous year. Between January 1 and August 15, Whoscall’s community reported over 3 million text scams and 321,000 scam calls. A significant portion of these scams involved tricking people into visiting fake websites, claiming false promotions, or downloading harmful apps.

As part of the agreement, GoTyme Bank and the DOJ aim to address these challenges by leveraging the Cybercrime Prevention Act of 2012 (Republic Act No. 10175) and preparing for the implementation of the Anti-Financial Account Scamming Act (Republic Act No. 12010).

In his remarks, Clavano emphasized the vital role of public-private partnerships in addressing cybercrime. “This MOA underscores the importance of collaboration between the public and private sectors in ensuring a safe and secure digital environment for all Filipinos. This is a responsible step toward a more methodical and stronger approach to cybercrime. With GoTyme Bank's innovation in digital banking and the DOJ's mandate to uphold justice, we aim to improve the prevention, detection, and prosecution of crimes related to financial fraud,” Clavano stated.

Clavano last year proposed an innovative approach toward tackling organized crime in the country. He introduced the Justice Sector Coordinating Council (JSCC), a unique multi-agency body comprising the DOJ, Department of the Interior and Local Government, and the Supreme Court of the Philippines. The JSCC is tasked with identifying hotspots of transnational organized crime across the country.

“We are proud of the innovative work being accomplished by the JSCC in the Philippines, and we are thrilled to have this platform to share our strategies with other nations,” he said. “We are committed to continued collaboration with our international partners to address the shared challenge of transnational organized crime.”

Tinio reiterated the bank's commitment to customer safety and security. “Part and parcel of unlocking the Filipino financial potential is making sure that the customers' bank accounts are safe and secure. Scams continue to widen in all forms, and fraudsters seem to operate with impunity. We are happy that the DOJ has given us a chance to partner with them to show the public that we have a united front against all these scammers and fraudsters,” Tinio said.

Building on this, Tinio highlighted the bank's proactive efforts in enhancing its cybersecurity measures. “We are committed to ensuring beautiful banking by strengthening our defenses against cyber threats," he stated. 

GoTyme Bank is continuously improving its Know Your Customer process and leveraging advanced AI technology to detect suspicious activities. “To safeguard our customers, we’re continuously refining our customer identification procedures and utilizing cutting-edge AI to spot potential fraud. However, we believe in the value of human interaction and ensure customers can always speak directly with a dedicated agent,” Tinio added, reinforcing the bank’s holistic approach to customer protection.

GoTyme Bank and the DOJ reaffirmed their shared goal of delivering justice to victims of financial crimes and ensuring that perpetrators are held accountable. The signing ceremony, attended by key officials from both organizations, underscored the importance of a unified front in protecting Filipinos from cyber threats. 

As part of its commitment to being the most secure and reliable bank in the country, GoTyme Bank emphasized its dedication to enhancing cybersecurity measures and fostering collaboration with law enforcement to create a safer digital environment for all.