Sharing your PIN could cost you: here’s how to stay safe

Did you know that sharing your PIN could put your money at serious risk?

A recent report found that people, especially those dealing with mental health challenges, are sharing personal banking details with others to get help, and it could open the door to fraud and financial abuse.

What’s happening?

According to the Money and Mental Health Policy Institute, about one in five people with mental health issues have shared their PIN or bank details with someone else, because managing money can be harder when you're struggling mentally.

But sharing your PIN can lead to fraud, identity theft or losing money.

Key findings from the report

• the findings are based on the Financial Conduct Authority’s 2022 Financial Lives survey
• it shows 42% of people with mental health challenges have wanted help managing their money from a trusted person
• financial expert Martin Lewis, who founded the charity, is calling for safer ways to get that help

The carers' card

One tool is the carers’ card, a special ID card that formally recognises someone as a carer. If you’re unable to go out or manage your finances, this trusted person could use the card to buy essentials for you, without needing your PIN.

The charity behind the report is urging banks and services to make tools like this more widely available, so people don’t have to risk sharing sensitive details.

Top tips to keep your PIN safe

Even with support, your PIN should always stay private. Here’s how to protect it:

• don’t write your PIN down, memorise it instead
• if you must write it down, put it somewhere safe, not in your wallet or purse
• avoid obvious numbers like birthdays or ‘1234’
• use different PINs for different cards or devices
• cover the keypad when entering your PIN at ATMs or in shops
• never share your PIN – even with friends or family. Banks will never ask for it
• if you think your PIN has been seen or stolen, block your card and change your PIN immediately

Struggling with money and mental health?

If you’re finding it hard to manage your money due to your mental health, help is out there.

Support and resources

• Mental Health and Money Advice
• Mind's Mental Health at Work
• Mind: Money and mental health
• Stop Loan Sharks (offers practical and emotional confidential support by phone)