Two in Five Americans Afraid Mobile Banking Will Lead to Identity Theft

A new study from leading personal finance website GOBankingRates asked consumers about their biggest mobile banking fears

News provided by

GOBankingRates

Oct 15, 2014, 07:15 ET

LOS ANGELES, Oct. 15, 2014 /PRNewswire/ -- Mobile banking is on the rise – but so are the efforts of hackers, with 73 percent of the top free apps for Android users breached in 2013¹. GOBankingRates investigated how secure consumers feel about banking over their smartphones, finding nearly two in five mobile bankers – 37 percent – are worried about identity theft.

GOBankingRates' poll, which asked respondents about their biggest mobile banking fears, revealed that while 44 percent of respondents have no major concerns about mobile banking, more than half do have significant fears -- including technical errors resulting in missing funds (9 percent), misuse of information by companies (7 percent) and lack of paper documentation (3 percent).

CLICK HERE to see the complete results

"What most Americans don't realize is their personal information is out there – whether or not they choose to bank online or over their phone," said GOBankingRates editor Christina Lavingia. "And security breaches are inevitable – they might happen when major retailers are hacked, as we've seen multiple times throughout the last year, or simply because someone is looking over your shoulder at the ATM. Mobile banking offers numerous benefits that shouldn't be ignored; the trick is to be safe about banking in the digital age, not to avoid it completely."

Additional findings:

Generally, older respondents were more likely to be concerned with identity theft than younger ones.
The lowest income brackets polled ($0 to $49,999) were least likely to have any concerns about mobile banking.
Women are 65 percent more likely than men to be most afraid of technical errors resulting in missing funds.

To see GOBankingRates' tips for conquering digital banking fears, visit: bit.ly/1vaCNLC

About GOBankingRates

GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News, Business Insider, Daily Finance, Huffington Post and more. It also specializes in connecting consumers with the best financial institutions and interest rates nationwide.

Contact:

Connie Lundegard
[email protected]
310-297-9233x112

¹ Arxan, "Arxan Discovers Top 100 Android Apps Hacked in 2013," Dec. 11, 2013.

Logo - http://photos.prnewswire.com/prnh/20130926/LA86996LOGO

SOURCE GOBankingRates