What is AFASA?
Republic Act No. 12010 otherwise known as the “Anti-Financial Account Scamming Act” (AFASA) is a Philippine law that aims to protect consumers from scams and unauthorized transactions. In compliance with Bangko Sentral ng Pilipinas (BSP), PSBank introduces the following new security features on PSBank Mobile:
- Lock/Unlock Transactions
- Customize Transaction Limits
- Reserved Balance (Money Lock)
- Manage Devices
Approve Transactions with Biometrics
What is Approve Transactions with Biometrics?
This feature allows you to approve transactions using your device's fingerprint or facial recognition instead of manually entering a One-Time Password (OTP).
How do I activate biometric transaction approval?
Go to Settings and turn on Approve Transactions with Biometrics.
Can I still use OTPs?
Yes. If biometric authentication is unavailable or disabled, OTP authentication may still be used when applicable. We highly encourage switching to biometric authentication for a safer and more seamless banking experience.
Lock Transactions
What is the Lock Transactions feature?
This security feature allows you to instantly lock outgoing and scheduled transactions to your PSBank Mobile and Online Banking accounts if you notice suspicious activity or believe your account may be at risk.
What happens if I enable Lock Transactions?
Your account remains accessible and active. However, you cannot proceed with outgoing transactions while your account is locked.
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Feature
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Transaction Lock Off
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Transaction Lock On
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Log in to PSBank Mobile and view your account details
|
✔ Yes
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✔ Yes
|
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Receive all incoming transactions
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✔ Yes
|
✔ Yes
|
|
Withdraw cash using your PSBank ATM card at any PSBank or Metrobank ATM
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✔ Yes
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✔ Yes
|
|
Transfer funds to your own or other PSBank accounts and to other bank accounts
|
✔ Yes
|
✖ No
|
|
Pay bills and purchase mobile load
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✔ Yes
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✖ No
|
|
Perform cardless withdrawals
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✔ Yes
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✖ No
|
|
Reorder a checkbook and request an ATM card
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✔ Yes
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✖ No
|
|
Over-the-Counter transactions
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✔ Yes
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✔ Yes
|
Will my ATM card also get locked if I enable Lock Transactions?
No. Once you enable Lock Transactions through PSBank Mobile or Online, you can still use your physical ATM card.
Customize Transaction Limits
What is the Customize Transaction Limis feature?
For your safety, this feature allows you to set your daily transaction limits based on the following:
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TRANSACTION TYPE
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MAXIMUM DAILY LIMIT
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Transfer to Other PSBank Account
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PhP 50,000
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Transfer to Other Bank Account (via InstaPay and QR)
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PhP 50,000
|
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Transfer to Other Bank Account (via PESONet)
|
PhP 200,000
|
|
Bills Payment
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PhP 500,000
|
|
Cardless Withdrawal
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PhP 30,000
|
|
E-Load
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PhP 1,000
|
What happens if I exceed my transaction limit?
If you exceed your set transaction limits, your transaction will not push through.
How do I customize transaction limits on my account?
To customize your transaction limits, go to Settings and tap Customize Limits in PSBank Mobile. If you're using PSBank Online, go to Settings > Customize Limits, then tap Update.
Reserved Balance
What is Reserved Balance or Money Lock?
Reserved Balance allows you to set aside a specific amount in your account that cannot be used for online transactions or cardless withdrawals.
What happens if my transaction will make my balance lower than my Reserved Balance?
If an online transaction will make your account balance fall below your Reserved Balance, the transaction will not push through. Digital transfers can only use your available balance beyond the amount you have set as Reserved Balance, ensuring that your reserved funds remain protected.
How do I set a Reserved Balance?
To set a Reserved Balance, tap the Settings (⚙) icon and select Reserved Balance in PSBank Mobile. If you're using PSBank Online, go to My Accounts > Select the Account > Create a Transaction > Account Settings > Manage Account > Reserved Balance.
Please note that the Reserved Balance only applies to digital transactions (such as online and mobile banking transactions). ATM withdrawals, over-the-counter transactions, and other non-digital transactions will still be processed even if the funds are set as Reserved Balance
Manage Devices
What is the Manage Devices feature?
This feature allows you to view and delete the devices or browsers currently linked to your PSBank Mobile or Online account.
How can I add a device?
A device will be automatically enrolled after successful registration via two-way SMS authentication.
How many devices can I register?
You can add up to 10 devices or browsers.
How do I manage my devices?
Go to Settings and tap Manage Devices.
App Updates
Do I need to register my account again after I update the app?
No. You will not lose your login credentials after updating the app.
Will my biometric access be affected once I update the app?
No. Your biometric access will remain enabled after the update.
Why should I update my PSBank Mobile app?
Updating ensures you have access to the latest features, security enhancements, bug fixes, and improvements designed to make banking easier and safer.
Where can I download or update the app?
You may download or update PSBank Mobile through Apple App Store, Google Play Store, or Huawei AppGallery. For security, only download from official and trusted app stores.
