Some 60 per cent of UK consumers believe that fewer than three security steps – including passwords, card readers or letters from a memorable word – are insufficient to assure their bank account is secure, according to a new survey.

The research from Equifax, which surveyed more than 2,000 consumers, found that a fifth of respondents have previously had either their social media or email account hacked. In response to being hacked, 80 per cent changed their password, while 20 per cent chose to completely close the account.

When asked which personal information would concern them most if stolen, bank details topped the list (81 per cent), followed by debit or credit card PIN number (72 per cent), passport (60 per cent), and driver’s licence (46 per cent).

John Marsden, head of ID and fraud at Equifax, said: “Multi-layer authentication is common practice among financial providers. However many consumers are unaware of the invisible layers that also form part of the verification process when they’re accessing their bank accounts.

“As account hacking remains an issue, it’s no surprise that loss of financial details is a top concern for consumers, who increasingly demand higher security to protect their money.”

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