PSBank enhances mobile banking security

MANILA, Philippines —  Philippine Savings Bank (PSBank) has reinforced its commitment to security by adding additional safety features in its mobile banking app amid prevalent cybersecurity threats.

The bank said that amid the shift to digital banking, new users are vulnerable to identity theft, phishing scams and fraud. In particular, phishing remains a significant threat as cybercriminals use misleading websites and emails to steal personal information.

“To combat these threats, banks are continually updating their security measures to ensure safe mobile banking, implementing features like two-factor authentication, account monitoring, biometric authentication and strong password policies,” the bank said.

For PSBank, prioritizing cybersecurity empowers users by providing them greater control over their online banking experience. Thus, the bank has added new features for its mobile banking app.

“PSBank clients can lock access to their accounts on platforms they don’t usually use, ensuring that access to their PSBank accounts is restricted to their preferred and regularly utilized channels,” the bank said.

“Additionally, PSBank users have the option to lock or unlock their ATM card, offering an extra layer of security against unauthorized transactions,” it added.

The updated PSBank mobile app also simplifies banking for Filipinos, whether they are new customers or long-time clients.

The app’s upgrades bring a more user-friendly interface, enabling users to customize their home screen with either a comprehensive or single account view, save and share transaction receipts, and access detailed loan account information.

Clients can easily open a time deposit account, apply for new loans and deposit checks through PSBank mobile as well.

The enhanced app also includes a customizable display of frequently used options, offering a personalized banking experience, complemented by vibrant images of iconic Philippine destinations.

“PSBank is committed to promoting financial inclusion by making banking accessible to everyone. The bank has simplified its account opening process to make it easier for Filipinos to start their banking journey,” the bank said.

The earnings of PSBank grew by 18 percent to P2.56 billion in the first half from P2.17 billion in the same period last year driven by strong demand for consumer loans and improved credit quality.

PSBank is the retail banking arm and a subsidiary of the Metropolitan Bank and Trust Co. To date, PSBank has 250 branches and 557 in-branch and offsite ATMs – ready to serve its ever-growing client base.