Young People Most At Risk Of Identity Theft 

A report issued by Morgan Stanley Consumer Banking indicates that young people are taking the most risks over identity fraud, and that 2007 could see identity theft fraud levels increase significantly.

Although the younger generation are the most clued up about modern technology, it seems they are the most complacent about the risks of identity theft. Nearly 60% of under 30's are throwing away old banking documents (compared to 40% across all ages), and nearly a third of them are using the same PIN or password for their different bank and credit card accounts.

Furthermore, about 45% of young adults lay themselves open to potential identity fraud, as they do not check their bank account statements and therefore fail to pick up on any irregularities. Considering the average time it can take to discover that a fraud has taken place, potential problems are being stored up for the future.

This report comes on top of recent findings by the credit reporting bureau Experian, that found that students were a high risk group for identity fraud, because they tended to move between accomodation quite frequently, and most often shared with others. This leads to mail being delivered to an old address and the scope for it being misappropriated is high. Also, in shared accomodation, mail is often left in hallways for the recipient to collect and can be easily taken by a fraudster.

Although Morgan Stanley's report shows the vulnerability of the younger age groups, it further shows that 12% of all people store on a computer, or write down, their PIN numbers or passwords. Also that 11% admit to disclosing personal information in a public place.

This report shows that the UK population is still very complacent about identity fraud, and that many people still act as if 'it couldn't happen to me'.