Most people know what a pain in the backside it can be to be standing at the cash point machine or in a queue of people in a shop only to realise that our debit or credit card PIN has escaped our minds completely. From time to time many of us have a mental block where we simply cannot remember the PIN for a particular card, and many end up putting the wrong PIN in over and over until the card gets confiscated. However, no matter how frustrating and annoying this situation can be it is far better than finding yourself a victim of financial fraud – yet this is what is happening to many people simply because they want to make it easier to remember their PIN.

We all know that once you have received a PIN for any debit or credit card you can then change it to a number that suits you, and one that you will remember with ease. Now this is absolutely fine if the PIN for each of your plastic cards will still be different. However, the worry is that many cardholders are making the huge mistake of changing their PIN on each card so that it is the same, which means that they have the same PIN for all of their credit and debit cards.

This may seem like the ideal solution to eliminate the chances of forgetting your PIN (although you could still forget the PIN and end up being unable to use any of your cards, since the number for all of them will be the same!). However, there is a very serious problem associated with having the same PIN for all of your plastic cards, and this is a heightened risk of becoming a major victim of fraud. This is because should you lose your purse, wallet, or bag with all of your plastic cards in a thief would only need to work out the PIN on one of your cards and viola! He or she will be able to access all of your accounts with the same number.

One industry professional recently stated: “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.”

He added: “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.”

He went on to state: “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.” And he summed up by stating: “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.”

Recent additions:

• Concerns over plastic card security from campaigners
• Common Credit Card Fees Examined
• Do Brits have a false sense of security?
• The Internet proves a useful tool for credit card users
• Try and get a better deal from your credit card provider
• Is the Zero card a good deal?