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Knee points, characterised as their smallest trade-off loss at all objectives, are attractive to decision makers in multi-criterion decision-making. In contrast, other Pareto-optimal solutions are less attractive since a small improvement on one objective can lead to a significant degradation on at least one of the other objectives. In this paper, we propose a simple and effective knee point identification method based on trade-off utility, dubbed KPITU, to help decision makers identify knee points from a given set of trade-off solutions. The basic idea of KPITU is to sequentially validate whether a solution is a knee point or not by comparing its trade-off utility with others within its neighbourhood. In particular, a solution is a knee point if and only if it has the best trade-off utility among its neighbours. Moreover, we implement a GPU version of KPITU that carries out the knee point identification in a parallel manner. This GPU version reduces the worst-case complexity from quadratic to linear. To validate the effectiveness of KPITU, we compare its performance with five state-of-the-art knee point identification methods on 134 test problem instances. Empirical results fully demonstrate the outstanding performance of KPITU especially on problems with many local knee points. At the end, we further validate the usefulness of KPITU for guiding EMO algorithms to search for knee points on the fly during the evolutionary process.