Young people are significantly less likely to monitor their bank balances, exposing them to risks from fraud, according to research from Equifax, the consumer and business insights expert.

Almost two thirds (64%) of Brits check their bank balances daily or weekly, but only 45% of those aged 18-34 do so, compared with 80% of over 55s.

The survey, conducted online with Opinium, showed that 74% take basic precautions such as locking their door before leaving home, but less than a third (32%) regularly change their passwords and less than half (42%) are careful about sharing personal details on social media. Over 55s are more than twice as careful as 18-34 year olds when it comes to sharing personal details on social media (53% of over 55s are cautious compared to 25% of 18-34 year olds).

Keith McGill, Head of ID & Fraud at Equifax UK, said:

“Over three quarters (76%) of people we surveyed say they accept it’s their responsibility to protect themselves from identity theft, but there are some really simple precautions they’re failing to take. Figures from Cifas* have shown the number of young people falling victim to fraud is on the rise, and carelessness no doubt plays a part.

“To stay safe and avoid the unwanted hassle of falling victim to fraud, a healthy dose of personal vigilance is required. One of the main challenges is a change in mindset, online security should be taken just as seriously as protecting our physical belongings. We keep our wallets close and lock the doors to our homes, and need to be just as cautious when it comes to protecting our personal details, online identity and bank accounts. Easy steps like shredding personal documents and making sure your passwords are complex shouldn’t be underestimated.”