Nearly half of all Brits use the same password to log in to their online banking account as their social networking account, says CPP.
Research by the life assistance company also revealed that two thirds of web users said it's too difficult to remember numerous logins while 17 percent said they were concerned they would get locked out of their account if they forgot their password.
The company also said 40 percent of web users admitted that at least one other person knows their passwords, whether is a partner, child or even work colleague. Of these two percent confessed an ex partner has access to their social networking and online banking accounts. A third of Brits said they believed that these people may have logged in using their details.
CPP also said that one in ten Brits has had one of their online accounts, with 57 percent of the crimes happening in 2008. Of those that saw their online accounts hacked, 18 percent had goods illegally bought in their name, 12 percent had money stolen while five percent also said they'd had their identity stolen.
When it comes to passwords, Brits are unimaginative with 18 percent of web users using a pets name as a password, while 12 percent said they use memorable dates such as birthdays.
One in ten admitted they use their children's names as passwords and nine percent said they used their mother's maiden name.
Sarah Blaney, identity theft expert at CPP, said: "No sensible person would use the same key for their house, car and garage. In the same way, we shouldn't use the one password for everything. If possible people should use multiple passwords with a combination of letters and numbers, which should be difficult to crack".
See also: Malware used for ID theft on the rise