Why your bank card pin is one number you should definitely commit to memory…

Card fraud - watch your pin number!

Don’t leave yourself open to card fraud

Last month we published a blog post about BBC’s Your Money programme, which covered the topic of “shoulder surfers”.

The key call to action that came out of that segment of the show, was to be vigilant when taking money out at a cash point – that is; do your best to make sure no one is trying to catch your pin number from behind your shoulder.

Whilst on the topic of cash machine fraud and card safety, you might also want to make an effort to learn your pin number off by heart, so you don’t have to carry a reminder.

This might sound rather obvious, but new research by discount website www.myvouchercodes.co.uk, has revealed that as many of  34% of Britons carry a pin reminder on them at all times! What’s more, 36% of those who play it unsafe by carrying their pin around, keep it in their wallet or purse…presumably right next to their bank or credit card.

Not cool, guys!

Alarmingly, over two thirds of the above 34% had not even considered that writing their pin down, and using their reminder at cash points, might put them at significantly increased risk of card fraud.

Source: Money-Watch.co.uk

Are young people in the UK growing up clueless about personal finance?

Boy with calculator

Young people are lacking in financial skills

A new joint survey by Barclays and charity pfeg (Personal Finance Education Group) has indicated that young people in Britain are entering adult life with disconcerting gaps in their financial knowledge, relating to bank statements, overdrafts and interest on loans.

The survey findings, which were released to mark the start of ‘My Money Week’ (3rd-9th June 2013), showed that around one in eight of under 25s did not know what an overdraft was. Even more worrying, 42 per cent could not interpret the difference between being overdrawn and in credit, when looking at a bank account statement.

Read the full story at: Telegraph.co.uk