A new study found that two-thirds of Facebook users are lying on their profiles and are putting themselves at risk of "digital amnesia."

Digital amnesia involves replacing one's own memory with false events and living as if they were real.

In a new survey by social networking site Pencourage, more than 68 percent of the respondents admitted exaggerating or lying on their Facebook or Twitter posts. Ten percent of them showed symptoms of digital amnesia as they couldn't recall what really happened in the past. The youngest users, aged between 18 and 24, of these social networking sites are the most vulnerable with 16 percent of them unable to recall the actual incidents.

Some of the life events that the respondents distort are related to their social relationships, holiday activities, career status and social interactions.

Dr. Richard Sherry, clinical psychologist and founding member of the Society for Neuropsychoanalysis, warned of the dangers of self-inflicted digital amnesia.

"Recent studies show that memories are actually modified and less accurate whenever we retrieve them from our minds, to the point of entirely changing their nature over time. Being competitive is normal. However, the dark side of this social conformity is when we negate what authentically feels to be 'us' to the degree that we no longer recognize the experience, our voice, the memory or the view of ourselves," he told the Daily Mail.

He clarified that the need to share life events to social media is natural and has some benefits, but people need to be aware of the disadvantages and dangers of doing so. Constantly lying on Facebook and Twitter could lead to feelings of guilt and anxiety which could cause more personality problems such as paranoia.

Sherry suggested people start accepting reality, whether good or bad, to learn from it and improve their personalities.

"In fact, looking back at our own past - however embarrassing or uncomfortable - is not just healthy but can be enjoyable," he told The Telegraph.