8 millions Brits risk fraud by sharing their PIN

One in five Brits tell friends and family their PIN numbers, according to new research from LV= home insurance.

The insurer is warning cardholders who have shared their PIN that they could be open to fraud.

Of the eight million adults who have given their chip and pin details to someone else in the last 12 months, a quarter (24%) have fallen victim to fraud. In addition, one in three Brits (34%) say they have been asked to pay for goods or take money out on someone else’s behalf.

The chip and pin system was introduced in 2004 to help increase security and reduce fraud but it would appear it has had the opposite affect with over one in ten card owners saying they are more lax with their details because of the system.

The research shows that ID fraud ‘hotspots’ such as websites, petrol stations and cash points are among the most common locations for people to use friends’ and families’ cards, with the most popular ‘pin pals’ being spouses or partners, although children (20%), parents (17%) and friends (15%) are also commonly relied upon to make purchases on other people’s behalf.

The most common location for ‘borrowed’ cards to be used is at a cash machine. For those people passing on their card details for someone to buy something on their behalf almost one in ten (9%) have told someone the details over the phone, 7% have written them down, 6% have given them face to face in a public place and a few have even sent the details to someone in an email or text message.

John O’Roarke, managing director of LV= home insurance, said:

“It’s concerning to see the numbers of card-holders who are so lax with their card details, even if they are sharing them with their friends and family. We would strongly urge all card-users not to tell anyone their pin number. Not only does it undermine the security of your account and increases the risk of ID fraud but also card holders could end up out of pocket if they are found to have shared their card details.”