Although many people are concerned about the prospect of having their identity stolen, a failure to adopt simple security precautions is leaving consumers open to becoming a victim of fraud.

Such is the suggestion of financial services firm firm MoreThan, which has reminded Brits of the need to protect personal information after research showed that many people are still adopting lax approaches to security. In a study carried out by the organisation, nearly a third (30 per cent) of respondents said they commonly wrote passwords down in order to remember them, while a further one in five (20 per cent) were found to be using the same password and pin for numerous accounts.

The group noted that many people are also turning a blind eye to security at work, with 29 per cent of respondents saying they use password-based websites in the office, potentially leaving themselves open to identity theft should they forget to log out or fail to check if anyone is looking over their shoulder. Such statistics come despite the indication that fraud is a prominent concern among many Britons. More than two-thirds (70 per cent) of those questioned said they were more aware of the dangers of having personal information stolen than they were five years ago.

However, it seems that a large number are still in the dark about the true costs involved. When asked how much time was needed in order to resolve a case of identity theft, more than a third (34 per cent) said they thought it would take less than a week. Statistics from MoreThan indicate that it actually commonly takes closer to two weeks, although it can take even longer than this set credit records straight.

For those unfortunate enough to fall victim to fraud, there is a possibility that they find their account provider falls short of meeting all costs and remunerations. Being caught short in this way could in turn have a knock-on effect on their ability to meet other areas of expenditure such as personal loans, credit cards and household bills.

MoreThan did explain to consumers that their bank would be able to provide assistance if personal details are stolen, but it advised people to always be vigilant when giving out information and to keep a keen eye on whether anyone is watching them when they do so.

Consumers were also urged never to write down passwords or pins and to limit the amount or sensitive information they carry in public. Credit records should also be looked over thoroughly to make sure that any unusual account activity is picked up on quickly. Any correspondence containing personal information should also be shredded before it is thrown out, MoreThan concluded.

Meanwhile, for those who are looking to protect their physical possessions from theft, taking out a personal loan may be recommended. In doing so, they could be afforded the funds necessary to install devices such as security lights, alarms and deadbolts. Opting for this type of loan may be particularly advisable for those in their mid-40s after a recent study by Lifesworth found that the average 46-year-old keeps more than 40,000 pounds worth of possessions in their homes.

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