Students’ negligence over the security of their credit cards

New figures from financial information site Moneyfacts suggests young people are particularly susceptible to fraud thanks to a lax approach to their finances.

Almost three-quarters or 73 per cent – do not destroy old credit card receipts or bank statements, leaving the way open for identity theft, as well as the deduction of large sums of money from current and credit card accounts.

In addition, almost a third of those asked by the site said they used the same pin number for all of their different accounts, with a staggering half saying they allow other people to use their pin number.

Union of UEA Students finance officer Ben Williams said the potential for debt among students meant a scrupulous financial approach was imperative.

“With finances already tight for students, this is alarming evidence that they are putting themselves needlessly at risk of financial fraud,” he explained.

A student survey from Barclays recently estimated the level of debt for a student graduating in 2005 stood at £12,500.