This study focused on smartphone users’ intention to install anti-virus software on their devices. In addition to the three tested factors, risk tolerance, perceived, and risk awareness, the models also include several demographic and behavioral variables as controlled factors including tenure of using smartphone, average online time per day, average online time using smartphone per day, gender, age, education level, and monthly expenditure. The results showed that lower risk tolerance, higher perceived risk, and higher risk awareness will lead to higher intention to installation. The constraining effect of risk tolerance on the relationship between perceived risk and intention to installation was also tested significantly. When smartphone users have risk tolerance higher than the threshold, their intention to installation will not be affected by the perceived risk.