Young people are far more at risk from bank fraud than older generations, according to a new study, which shows that not only do they check their balances less frequently, they are also more likely to share personal details on social media.
The survey, conducted online by Opinium for Equifax, reveals that almost two thirds (64%) of Brits check their bank balances daily or weekly, but only 45% of those aged 18 to 34 do so, compared with 80% of over 55s.
And, while nearly three-quarters (74%) take basic precautions such as locking their door before leaving home, fewer than a third (32%) regularly change their passwords and less than half (42%) are careful about sharing personal details on social media.
Over 55s are more than twice as careful as 18- to 34-year-olds when it comes to sharing personal details on social media (53% of over 55s are cautious compared to 25% of under 35s).
Equifax head of ID and fraud UK Keith McGill said: "Over three quarters (76%) of people we surveyed say they accept it’s their responsibility to protect themselves from identity theft, but there are some really simple precautions they’re failing to take."
With the latest figures from Cifas identifying a 24% increase in cases of under 21-year-olds falling victim to fraud McGill believes carelessness plays a part.
He added: "To stay safe and avoid the unwanted hassle of falling victim to fraud, a healthy dose of personal vigilance is required. One of the main challenges is a change in mindset, online security should be taken just as seriously as protecting our physical belongings.
"We keep our wallets close and lock the doors to our homes, and need to be just as cautious when it comes to protecting our personal details, online identity and bank accounts. Easy steps like shredding personal documents and making sure your passwords are complex shouldn’t be underestimated."