Contrary to rules, 59% of British card users are not keeping their PIN numbers secret, according to a survey by VoucherCodes.
The research studied 3,000 people and revealed that 40% of them felt comfortable with their partners knowing their PIN codes. Another 5% considered the risk low enough to allow their children access to the PIN number.
As if that wasn’t enough, more than 5% even share it with their friend.
As for security, there are steps taken to reduce security by holders of multiple cards. 18% actually change their codes to match between all of their cards, in order to ease the memory of them.
As for keeping the codes on their mobiles, 9% do this, and as for the wallet, 3% keep it in there. If their wallet is stolen, the PIN is with the card. How convenient.
The research uncovered further security flaws. 21% altered the codes to match some significant date, and 12% keep the codes on a piece of paper at home.
The UK switched to the PIN and chip system for bank cards 5 years ago as of February 14. Last year more people bought with a debit card than with cash. This is the first time ever. So it is clear that the switch has led to more people purchasing with cards.
There had been the possibility prior to the official switch 5 years ago to sign the receipt. Now you must use the PIN. Yet with the poor security practices the fraud still too high.