Half of us risking bank fraudBut Which? Money has tips for protecting yourself

21 May 2008

Credit card number and chip

One in two people are failing to take the most basic precautions to protect themselves from credit card and bank account fraud, Which? Money reveals today.

Around half of the 4,119 people we surveyed admitted using the same Pin for more than one card.

A similar number said they were failing to check that a website was secure before they shopped, or used their mother’s maiden name as a password.

Password

One in seven even admitted writing down Pins and passwords.

But people do seem to be aware of some other common fraud risks.

Most of those polled said they hid their Pin from potential ‘shoulder surfers’ at cashpoints, checked their statements for rogue transactions and ripped up or shredded documents.

ID theft

One third of those surveyed by Which? Money said they had had money fraudulently taken from their credit card or bank account.

The vast majority got all of it back, which would seem to suggest that expensive ID theft insurance is unnecessary for most people.  

Which? Money editor Martyn Hocking said: ‘There’s a lot more people can do to prevent fraud occurring.

‘Shredding documents and checking your bank statements are a good start, but people need to be wise to basic fraud risks such as using their mother’s maiden name as a password, or shopping on websites that aren't secure.

‘By taking a few basic precautions, people can significantly reduce the risk of fraud - without buying unnecessary insurance.’