21st January 2014
Two fifths of adults have had to order a new PIN because they’ve forgotten their existing one, a new study has found. According to research by budgeting account provider thinkmoney, many people have been forced to ask their bank or credit card provider to send a new four digit Personal Identification Number through the post at least once.
Meanwhile, one third of men and women admit they struggle to remember their PINs. Given that more than one in five of us have three PINs to recall, it’s not surprising that we find it difficult to commit all these details to memory.
Problems remembering PINs mean that a large number of people either adopt the same PIN for all of their accounts or make a note of the number in a mobile phone or diary – methods that can make it easier for criminals to commit fraud.
thinkmoney discovered that people aged between 25 and 34 are most likely to have ordered a new PIN because they’ve forgotten the number, while those aged over 55 are least likely to have taken this step. In terms of location, residents of Wales are the best at remembering their digits, compared to people living in London, who have the most difficulties recalling their PIN.
Of those questioned, 22% said they kept the same PIN for all of their accounts and 27% conceded that they made a secret note of the number.
The research also showed that 6% of adults have to remember five different PINs. People living in East Anglia are the most likely to have five PINs to recall while residents of Northern Ireland are the least likely.
In order to help customers when they need a new PIN, thinkmoney says it is launching the first UK account provider to deliver PIN reminders via a secure text message service.
This new service will mean that consumers will no longer have to wait for their new PIN to arrive in the post, and will enable them to use their cards without delay. To find out more about how the PIN by text service works watch our video.
Ian Williams, director of communications at thinkmoney, says: “It is all too easy to forget your PIN, particularly if you have more than one to remember. We are making life easier for our customers when they do forget theirs. Rather than wait a few days for a new PIN to arrive, they can now receive a reminder via our secure text message service.”
*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 28thNovember and 2nd December 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.