Companies allowing their employees to use social networks are risking making private information known to the entire internet community, according to one financial institution.

Identity theft and fraud issues were highlighted by the British Bankers' Association (BBA) as possible points of weakness for users of websites such as the popular Facebook.

According to the industry body, even information such as a date of birth can be used by thieves and it was strongly urged that social networkers do not reveal any details further than that.

A spokesperson for the BBA said that once personal information was online, "it can be seen by other people, and you don't always have control over who can see it [or] what their motives might be."

He called for social networks to warn users of the risks posed by revealing too much information: "If they were reminded of the potential risks then that would be a really good thing."

The British economy suffers to the tune of £11.7 billion a year due to identity theft – with social networks suggested as one of the new places being targeted by fraudsters.