This will fix Update ERROR 5 in Phantasy Star Online 2.
Fix 1: Replace all authorization entries
- Start Phantasy Star Online 2, leave it there without pressing the “Back” button.
- Navigate to the installation folder of Phantasy Star Online 2 (Usually: \SteamLibrary\steamapps\common\PHANTASYSTARONLINE2_NA_STEAM).
- Right-click on pso2_bin directory.
- Go to Security > Advanced > click on the Replace all authorization entries checkbox.
- Press “Apply” button and save the settings.
- When you’re done, click “Back” button. (on the launcher which is running in the background) and the update window should appear with no errors.
- Use Steam to start the game.