Students are putting themselves needlessly at risk of financial fraud, according to a new survey by financial information provider Moneyfacts in conjunction with the University of East Anglia.
More than 70 per cent insufficiently destroy used card receipts and old bank statements, almost half allow other people to use their card/PIN number, and almost a third use the same PIN Number for all their bank cards.
More than 800 students at the University of East Anglia took part in the online survey, conducted by financial data experts Moneyfacts, in conjunction with the Norwich Business School at the University of East Anglia in May 2006. The information will be used by the university to educate its students further in good financial practice.
Key findings of the survey include:
"With finances already tight for students, this is alarming evidence that they are putting themselves needlessly at risk of financial fraud," said Ben Williams, finance officer of the Union of UEA Students.
"We look forward to exploring ways that we can use these findings to help raise awareness amongst the student community so that students can better protect themselves in the future."
Despite the worrying findings, there were also encouraging signs that students can be security-conscious when it comes to financial services. For example:
The survey was conducted by the Norwich-based Moneyfacts Group in conjunction with the Norwich Business School at the University of East Anglia.
Andrew Hagger, head of News and Press at Moneyfacts, commented: "Whilst it is encouraging to see that many students take measures to try and protect themselves against fraudulent activity, there are still some areas of concern. The financial institutions and the industry as a whole can't afford to take their feet off the pedal; they need to hammer the 'safe banking' message home at every opportunity."
Prof Nikolaos Tzokas, head of the Norwich Business School, said: "The survey has identified important areas, which have significant policy implications for financial services providers seeking to produce value for their very significant student markets."
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