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What is Your Biggest Fear About Mobile Banking?

Author: Christopher Taylor

It hasn't been a great year for cybersecurity. From Target's Black Friday hacking, which compromised the personal information of 110 million customers, to this month's security breach at JPMorgan Chase, affecting two-thirds of American households, data breaches have become such a common news item in 2014 that they now seem to warrant a monthly roundup.

But even as these incursions are on the rise, so is the use of mobile and online banking. GOBankingRates investigated just how secure mobile banking users feel, especially in light of recent events. We found that, while 44 percent of consumers say they aren't worried about mobile banking, the majority have major concerns about accessing their bank accounts over their phones.

>>> Click here for tips on how to overcome your biggest digital banking fears.

Overall Findings

What is your main concern about mobile banking?

  • I have no major concerns: 43.7 percent
  • Identity theft: 37.35 percent
  • Technical errors: 8.75 percent
  • Misuse of information by companies: 7.18 percent
  • Lack of paper documentation: 3.02 percent

Related: Here's Why 45 Million People Use Mobile Banking Services

Gender

  • Women were 65 percent more likely to worry about technical errors resulting in missing funds and 4.14 percent more likely to have no major concerns than men.
  • Men were 4.1 percent more likely to be concerned with identity theft, 85 percent more likely to be concerned with lack of paper statements and 37 percent more likely to be concerned with misuse of information than women.

Age

  • 45- to 54-year-old respondents were most likely to have no major concerns, while 55- to 64-year-old respondents were least likely to have no major concerns.
  • Those aged 45 and over were 7.9 percent more likely to have no major concerns than those 44 and under.
  • The 18- to 24-year-old age bracket was least likely to be concerned with identity theft by a solid margin, while 55- to 64-year-old respondents were most likely to be concerned with it.
  • There is a positive correlation between concern for identity theft and age.
  • 35- to 44-year-old respondents were most likely of all age groups to be concerned with having paper documentation.
  • Those 44 and younger were 43 percent more likely to be concerned with misuse of personal information than those aged 45 and higher.
  • 18- to 24-year-old and 25- to 34-year-old respondents were far more likely than any other groups to be concerned with technical errors resulting in missing funds, at 15.84 percent and 11.41 percent.

Income

  • The lowest two income brackets polled ($0-49,999) were most likely to have no concerns about mobile banking ($0-$24,999 at 45.16 percent and $25,000 to $49,999 at 45.34 percent), while those making $100,000-$149,999 were least likely to have no major concerns (at just 16.67 percent). In other words, those making $100,000+ were 172 percent less likely to have no major concerns than those making $0 to $49,999.
  • There is a positive correlation between income and fear of identity theft
  • Those making $100,000 are most concerned with identity theft, misuse of information and technical errors (but 0 percent were concerned with lack of paper documentation).

Region

  • Western and Midwestern respondents were more likely to have no major concerns than Northeastern and Southern respondents.
  • Respondents in the Northeast and South were more concerned with identity theft than those in the West and Midwest.
  • Respondents in the Northeast were the most concerned with misuse of information by a strong margin.

Urban Density

  • Urban respondents were most likely to have no major concerns, followed by suburban and rural respondents, respectively.
  • All three subsets were almost equally concerned with identity theft (within a fraction of a percent).
  • Urban respondents were also most likely to be concerned with the misuse of information, followed by suburban and rural respondents, respectively.
  • On the other hand, rural respondents were most likely to be concerned with technical errors, followed by suburban and urban respondents, respectively.

Methodology:

GOBankingRates.com recently ran a survey of 790 Americans, representative of the U.S. general population (weighted by age, gender and region), asking them what their biggest fear about mobile banking is. Age, gender, income, region and urban density were the demographic attributes recorded for each respondent. Survey respondents were given five options to choose from — identity theft, technical errors resulting in missing funds, misuse of information by companies, lack of documentation with paper statements and no major concerns.

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