Almost half of Hong Kongers wary of e-banking via smartphones

Even if e-banking is getting increasingly popular.

It has been noted that e-banking on the go is becoming increasingly popular in Hong Kong, but consumers are not sufficiently protecting themselves from potential identity theft and financial security risks that are on the rise.

According to a release from TransUnion, based an online survey of 500 adults conducted by Zogby Analytics and commissioned by TransUnion (NYSE: TRU), 40% of respondents said they conduct e-banking via a smartphone or device three or more times a month on average.

Yet, 45% of respondents consider e-banking via smartphones or devices to be unsafe, and said they are worried about potential identity theft during e-banking via their smartphones or devices.

Here's more from TransUnion:

Furthermore, the survey found that one out of four Hongkongers have not changed their e-banking passwords in the past three years. Nearly 23% said they use the same password across more than one application, including mobile e-banking, email and social networking (13.8%), or do not take any steps to protect their identities (9%).

When asked what their main concern would be if their phone were lost or stolen, over half of the respondents (52%) said they would be most concerned about their personal data or information being compromised. The “cost and time needed to replace the device” was the least mentioned concern at 7%.

Commenting on the results of the survey, Samuel Ho, chief executive officer for TransUnion Hong Kong, said, “Most Hongkongers generally lack a clear understanding of how certain behaviours put them at risk for identity theft or 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.”

Ho added, “Consumers can also protect themselves by setting a unique password on their phones and each of their applications; such as mobile banking, e-mail and social networking sites; randomising PINs and passwords and being careful when giving out sensitive data online or via their smartphones. They should also avoid conducting e-banking or accessing sensitive information on public Wi-Fi networks.”