PIN pain should make us sit up

Ten million UK adults are gambling with their money by using the same PIN for all of their debit and credit cards.

The one-pin phenomena has clearly been brought about by our forgetfulness as a nation. Eleven million Brits, who have tried to do the right thing by having different PINs for each card, now find themselves not using a debit or credit card because they can't remember it.

Steve Willey, head of credit cards at price comparison site moneysupermarket.com, said: "Forgetting your PIN isn't a crime or a costly exercise - all it takes is a call to your bank to get a new one issued. After going to the trouble of choosing and opening an account, I'm shocked that 11 million of us have stopped using a card because of a forgotten PIN.

"Meanwhile, using the same PIN for each of your cards is a gamble ten million of us are taking - but I'd strongly recommend having a different PIN for each. Few of us have more than three cards, so it is barely any harder than remembering one phone number.

"The other big risk that seven million of us are taking is letting a card go out of our sight when we are making a purchase. Card cloning and skimming is a multi-billion pound crime yet so many people seem to be blasé about it. Younger cardholders are more lax, with 23 per cent of cardholders aged 40 or under allowing this, as opposed to 13 per cent of the older generation."

The research bucks another misconception, with moneysupermarket.com finding the older you are, the better your memory. One in three cardholders aged under 40 has stopped using a card because of a forgotten PIN, as opposed to only one in five of those aged 40 or more.

Londoners are top of the scale in the bad-boy credit card habits with 31 per cent having had a bout of PIN forgetfulness and 29 per cent letting a card go out of their sight when paying.

Steve Willey added: "A little vigilance can go a long way. It certainly beats the trauma and trouble that can be caused by being far too lax with your cards."