Moneyfacts: Students At Risk To Credit Card Fraud

June 22, 2006

By Peter Kenny

A survey carried out by Moneyfacts in conjunction with the University of East Anglia, has found that many students are putting themselves at risk of financial fraud, particularly through the use of credit cards.

More than 800 students took part in the survey during May 2006. It was found that over 70 per cent of those asked failed to destroy credit card receipts and old bank statement sufficiently.

Other details discovered were that nearly a third (29%) of students used the same personal identification number (PIN) for all their credit and debit cards. Incredibly, 62% of students have been given someone else’s card and PIN to use. 26% keep their PIN in a “safe place” like a wallet, personal computer or mobile phone and at the same time 34% know someone who has been a victim of financial fraud.

The survey was not all bad news however, many students are financial security conscious with 69 per cent arranging for their credit card and banking details to be sent to their family home, rather than their University lodgings and 72% memorise their PIN then destroy the slip.

Andrew Hagger, head of News and Press at Moneyfacts said, “Whilst it is encouraging to see that many students take measures to try and protect themselves against fraudulent activity, there are still some areas of concern.”

Moneyfacts is the largest personal finance data publisher in the UK.