Question

Which explains why many people are hesitant to use online banking or bill paying?

a) Fear of data breaches
b) Lack of convenience
c) Complexity of the process
d) Limited accessibility

Answer 1

Many people are hesitant to use online banking or bill paying due to fear of data breaches, the complexity of the process, and limited accessibility.

Step-by-step explanation:

Many people are hesitant to use online banking or bill paying for several reasons. One reason is fear of data breaches. These breaches can occur when hackers gain access to personal information by compromising website security. Another reason is the complexity of the process. Online banking and bill paying may involve multiple steps and require users to navigate through various menus and options. Lastly, limited accessibility can also contribute to hesitancy towards online banking and bill paying. Some individuals may have limited access to the internet or may not feel comfortable using technology.

Answer 2

Hesitancy to use online banking is mainly due to fear of data breaches, exposure to identity theft from large institutional hacks, and concerns over privacy and technological dependence.

Step-by-step explanation:

Many people are hesitant to use online banking or bill paying primarily due to a) Fear of data breaches. This concern arises as individuals increase their digital footprint, sharing personal information on the web and thus becoming more vulnerable to cybercriminals. Large-scale data breaches at major organizations have exposed millions to the threat of identity theft, raising public concern about the security of online transactions. Moreover, the digital divide further accentuates the hesitancy among some individuals who may not have easy access to digital banking tools or are not comfortable using them due to a lack of technological literacy. The loss of privacy, the potential for system failure, and the dependence on technology are additional factors that contribute to reluctance in embracing online financial services.