This study aimed to investigate the extent of risks perceived by consumers in terms of health and economy while using cellular phone services. In addition, it also examined the factors influencing the level of risks and their effects on the level of satisfaction after using it. Major findings were as follows. First, the level of perceived risks were higher for married consumers. Consumers with high income felt economic risks lowly. Second, perceived economic risks influenced the level of satisfaction after using cellular phone, but not perceived health risks. Third, overall, consumers who rely on objective information source, possess high credibility on their cellular phone service companies, and own high level of knowledge how to properly use those phones, were more satisfied after using it.