The majority of people in the UK would rather share their most personal secret, than their sort code and account number, according to new research.
A new study for the UK’s mobile payments service reveals sharing a sort code and account number is a scary prospect for three out of four Brits, as almost three quarters (74%) says it makes them feel anxious.
The study, by Paym, reveals more people would be happy to share their most personal secret, with only half (50%) feeling anxious at the thought of revealing such intimate information.
While it may be a traditional taboo, Brits are also more relaxed about sharing their salary details, as only 37% of people said they would be anxious revealing this information.
Craig Tillotson, executive chairman of Paym, said: “It’s really important to think before you act if you’re asked for your personal or financial details, or to transfer money – and you should never disclose security details, such as your PIN or full banking password.
“For anyone that’s worried about sharing their sort code or account number, these days there’s no need. Paym makes it possible to get paid straight into your account using just your mobile number. No sort code, no account number, no problem.”
The research coincides with the first Financial Capability Week (Monday 14 - Sunday 20 November 2016). The campaign is to raise awareness of the importance of financial capability, what it means and the organisations involved in making a change.
The Paym study revealed a further 27% of people in the UK would prefer not to share their home address and perhaps unsurprisingly, people are most reluctant to share their sort code and account number with a stranger, as only 2% of people would be prepared to do so.
However, the fear factor is not just limited to strangers, with one in six (15%) would not share their sort code and account number with their closest friend and only 13% would share them with their closest family member.
Take Five, the national anti-fraud campaign, has five top tips to stay safe from financial fraud:
- Never disclose security details, such as your PIN or full banking password.
- Don’t assume an email, text or phone call is authentic.
- Don’t be rushed – a genuine organisation won’t mind waiting.
- Listen to your instincts – you know if something doesn’t feel right.
- Stay in control – don’t panic and make a decision you’ll regret.