GoTyme Bank upgrades its security protocols
19 June 2022
Prior to the third quarter’s debut of GoTyme Bank, the partnership between the Gokongwei Group and Singapore-based digital banking company Tyme is optimizing its technology and security measures.
GoTyme Bank’s chief technology officer, Chris Bennett, claimed that the online bank has substantially invested in the strongest cybersecurity measures to fortify its defense against instances of phishing, malware, ransomware, fraud, identity theft, and social engineering in the banking sector.
You can’t have trust if your cybersecurity isn’t strong. Throughout the lifetime, we employ the best security measures, Bennett stated.
Social engineering is the practice of tricking people into disclosing private or sensitive information, such as one-time pins (OTP) or passcodes.
GoTyme Bank is better positioned to respond to threats than any other organization since it is a cloud-first and cloud-only business, according to Bennett.
GoTyme Bank is collaborating with the top service providers in the world to thwart and neutralize possible threats, building on Tyme Bank’s expertise and success in South Africa.
“Since we solely use cloud, we can make modifications quickly. We have expertise dealing with South African threats, and we’ve been able to incorporate some of the most up-to-date security solutions, Bennett added.
Teams are already taught in the best standards for cyber development, Bennett observes, even before GoTyme Bank’s code is produced.
SonarQube, an open-source platform that continuously examines and evaluates programs to find bugs, is used by the bank. Internal and external security teams test the code throughout development for any weaknesses, and after it goes live, a cyber-operations center monitors, alerts, and deals with threats.
Bennett claims that because Amazon Web Services is in charge of managing the bank’s infrastructure, the bank can take advantage of the variety of security certifications they provide, including the Payment Card Industry Data Security Standard and the National Institute of Standards and Technology.
GoTyme Bank can automate reporting and issue detection with the use of AWS control towers. It is the largest and most popular cloud platform in the world, providing millions of users with cloud computing online services on demand.
In order to prevent fraud and money laundering, GoTyme also attributes its experience working with NICE Actimize, the top global provider of financial crime, risk, and compliance solutions.
Biometrics may also be used to confirm the identification of anyone making a transaction for high-value commodities.
In order to identify and stop assaults, Bennett stated, “We leverage both our own data and data from the industry. Our payments fraud capabilities is world-leading.”
Once the service is operational, customers of GoTyme Bank can use the digital kiosks housed in Robinsons Malls and Robinsons Supermarkets to open an account and obtain a free personalized debit card in less than five minutes.
The bank guarantees to provide premium banking services and products, including financial transfers, trading, and investing, as well as round-the-clock client support by phone, chat, or email.
