Nearly 100% of Americans aged 18 to 29 own a cell phone of some kind, and there has been a move toward using mobile devices for financial services; however, such a move also implies increased opportunities for fraud. Although technology has traditionally been blamed for showing some vulnerabilities, individuals are in a better position to deter technology-based fraud when they are concerned about revealing their personal information. The purpose of this study is to examine the influence of protection motivation theory (PMT) on privacy concerns (PC) and the consequences of this influence in trust, specifically in the context of mobile banking (m-banking). We tested our research model in an online survey with 351 American m-banking users from Amazon Mechanical Turk. We addressed one literature gap that is the omission of fear in PMT as an antecedent of PC, and one opportunity that is to reuse the most recent PC scale (Internet Privacy Concerns – IPC) as initially conceptualized. We found that the fear of losing information from m-banking activates PC and induces the user to have less trust in this platform. In addition, we proposed an improvement to the IPC scale by adding a new second-order factor named exposure management (individuals’ consciousness about the control users feel they have over their personal information).