A survey conducted by end point security company Credant Technologies found that an overwhelming majority of UK mobile phone users do not apply even basic mobile phone security procedures.
The research carried out at the main London railway stations polled 600 commuters and revealed that four out of five users had information on their phones that could allow third parties to easily steal their identities.
For a start, 16 percent - that's one in every six - of those surveyed said that they had their bank account details on their mobile phones with nearly a quarter of the respondents saying they saved their PIN and passwords.
One in every ten probed saved their credit card information on their handsets. Only 60 percent of those questioned protected their mobile phones with a password to prevent others from accessing data on their mobile phones.
Unsurprisingly, 99 percent used their mobile phones for business and personal use although more than a quarter of cases, employees have been specifically told by their employers to refrain from doing so.
Using figures obtained from the survey, Credant Technologies reckons that at least 4.2 million phone users are at risk of ID theft.
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The proliferation of more advanced smartphones and the fact that British employees tend to work much longer than the rest of Europe mean that ID theft is probably more likely to happen here than any anywhere else in Europe. Devices like the iPhone and the Blackberry now have multi-gigabyte capacities and can easily be stolen or lost.