More PSBank clients using ATM Lock feature

MANILA, Philippines — Philippine Savings Bank (PSBank) reported a two-fold increase in the use of a security function that allows clients to lock their ATM card and prevent its unauthorized use in any ATM, point of sale or online transactions that require the card number.

The thrift bank arm of Metropolitan Bank & Trust Co. (Metrobank) said the use of PSBank’s ATM Lock feature surged 232 percent in the first quarter amid growing client preference for secure but convenient way of undertaking financial transactions.

Noel Tuazon, senior vice president and marketing group head at PSBank, said the bank now offers a number of banking functions to customers 24/7 through its online and mobile platforms.

“But even as we encourage our customers to take advantage of the ease and convenience that digital platforms offer, PSBank is deeply committed in providing a high level of security and protection for our customers,” he said.

PSBank has pioneered the use of ATM Lock a few years ago, providing clients with additional layer of protection against ATM-card related fraud on top of having better control of their accounts.

ATM Lock is one of the banking innovations pioneered by PSBank in line with its goal of providing a secure online or mobile banking environment while making things simple for its customers.

Clients may activate the ATM Lock feature via the PSBank online portal or via PSBank Mobile app, the company’s electronic channels for real-time banking transactions.

Aside from ATM Lock, PSBank also pioneered the use of cardless withdrawal, which allows the withdrawal of cash from any PSBank ATM, without using a physical ATM card.

Aside from enabling safe and easy banking transactions, PSBank mobile app also makes use of the One Touch ID, which allows customers to quickly access the bank’s mobile app without keying a password and making use of fingerprint recognition instead.

In recent years, PSBank has been stepping up its digital banking innovations with its wide array of products and services available 24/7 amid growing customer preference for mobile transactions.