ID theft biggest worry for mobile banking use: GOBanking

October 31, 2014

LOS ANGELES (11/3/14)--One fear looms large in the hearts of mobile banking users: Identity theft, according to a recent poll by GOBankingRates.

Thirty-seven percent are worried about identity theft, the poll found, which far outweighed the fear of technical errors (9%), misuse of information by companies (7%) and lack of paper documentation (3%).

"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."

She added mobile banking offers numerous benefits that shouldn't be ignored, but the trick is to be safe about banking in the digital age, not to avoid the technology completely.

Women were 65% more likely to worry about technical errors resulting in missing funds than men, while men were 85% more likely than women to be concerned about lack of paper statements.