Half of Hong Kongers get the jitters over e-banking on smartphones

Respondents think it’s borderline unsafe.

Even though e-banking has been increasingly popular in Hong Kong as it provides banking with ease anytime and anywhere, consumers are still unsure of their security when using banking apps.

According to a survey by TransUnion, Hong Kongers are not yet sold on the security of e-banking through smartphones or devices, and they’re afraid of potential identity theft and financial security risks that are rising.

The survey also found out that one out of four Hong Kongers have not changed their e-banking passwords in the past three years, while nearly the same number said they use the same password across more than one application.

An alarming 9% also admitted they do not take any steps to protect their identities, TransUnion said.

Meanwhile, when asked what their main concern would be if their phone were lost or stolen, 52% said they worry about their personal data being compromised. They’re more concerned about this than the cost and time needed to replace the device.

According to Samuel Ho, CEO for TransUnion Hong Kong, most Hong Kongers lack a clear understanding of certain behaviours that put them dangerously at risk for identity fraud.

“Regular credit monitoring allows consumers to quickly assess their credit reports for any suspicious activity that could be tied to unauthorised changes in personal data or unexpected purchases,” he added.