The rapid rise of mobile wallets has transformed digital transactions, but escalating cybersecurity risks threaten user trust and financial stability. This study employs Protection Motivation Theory (PMT) to explore factors driving mobile wallet security behaviours among Multimedia University students. A structured survey, distributed to 150 students and analysed using SPSS, assessed the influence of perceived severity, vulnerability, self-efficacy, and response efficacy on protective practices. Regression results from 146 usable responses indicate that perceived severity and vulnerability significantly predict security behaviours. Conversely, self-efficacy and response efficacy showed no significant impact. These findings highlight the need for awareness campaigns emphasising both the likelihood (vulnerability) and severe consequences (severity) of cyber threats, such as phishing, credential theft, or financial loss, to motivate proactive security practices. This research informs strategies to enhance mobile wallet security and reduce financial fraud among young, tech-savvy users in the evolving digital payment landscape.