Daily Insurance Industry News
Daily Insurance Industry News
Sunday 21st of October 2018
August 28, 2009

LV= warn against sharing PINs

by Richard Kilner

Story link: LV= warn against sharing PINs

LV= home insurance has commissioned research revealing that during the last 12 months 8m Britons have given their PIN to friends and family.

Younger people are the likeliest to share, with 36% of under-35s admitting they’d asked someone else to use their card.

However, 24% of these have subsequently found themselves to be victims of fraud, highlighting the dangers of sharing PINs with anyone else.

Experts have stated that such sharing seriously undermines the integrity of chip and pin security, and indicated that the hotspots for fraud tend to be online, petrol stations and cash points.

Business also needs to heighten its awareness as 98% of those using another’s card to make a purchase were not spotted by the retailer.

Should someone share their PIN it will not only raise the chances of fraud but also mean that banks will not be required to issue refunds.

The research findings from LV= comes on the same day as Legal & General’s warning about the dangers of people giving away so much information online burglars can effectively mine social network sites for information to compile target lists.


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