Consumers increasing risks by using same PIN for cards

According to a recent report many consumers are increasing the risk of becoming victims of financial fraud simply by using the same PIN for all of their plastic cards.

Whilst many consumers may think that this is an effective way of ensuring that they do not forget their PIN, as it will be the same on all cards hence they will only have to remember one, it also means that they could be putting themselves at great risk from thieves and fraudster, who will only need to get their hands on one PIN number in order to access all of the cards.

One industry official said: “Forgetting your PIN isn’t a crime or a costly exercise - all it takes is a call to your bank to get a new one issued. After going to the trouble of choosing and opening an account, I’m shocked that 11 million of us have stopped using a card because of a forgotten PIN. Meanwhile, using the same PIN for each of your cards is a gamble ten million of us are taking - but I’d strongly recommend having a different PIN for each. Few of us have more than three cards, so it is barely any harder than remembering one phone number.”

He added: “The other big risk that seven million of us are taking is letting a card go out of our sight when we are making a purchase. Card cloning and skimming is a multi-billion pound crime yet so many people seem to be blasé about it. Younger cardholders are more lax, with 23 per cent of cardholders aged 40 or under allowing this, as opposed to 13 per cent of the older generation.”

He went on to state: “A little vigilance can go a long way. It certainly beats the trauma and trouble that can be caused by being far too lax with your cards.”