Concerns over data security and privacy have grown among users of digital financial services, especially as the DANA e-wallet has become a frequent target of cyberattacks in Indonesia. In the second quarter of 2024, over 14,000 phishing domains were reported, with DANA among the most impersonated brands. These threats have contributed to users’ reluctance to adopt or continue using the platform due to fears of data breaches and financial loss. This study investigates the key factors influencing DANA adoption among Indonesian millennials, focusing on the mediating role of trust. Using purposive sampling, 124 valid responses were collected and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that perceived usefulness, security, privacy, and social influence significantly affect intention to use, either directly or through trust. Trust is strongly shaped by privacy and security but does not directly influence usage intention. Perceived risk and attitude also show no significant effect. Social influence emerged as the most influential direct factor, emphasizing its role in shaping digital financial adoption behavior.