Password protection is important, especially when it comes to online banking. We’ve compiled some tips to keep your password (and your money) safe from cyber criminals.
The first step to making sure you have a secure password is to never use a password more than once. It may be easier to remember if all your passwords are the same, but it also makes it easier for cybercriminals to get access. If you use the same password for all your accounts and that password happens to get compromised, all your accounts are now at risk of being compromised.
The best passwords are unique and extremely difficult to guess. Obviously, using “password123” is known to be a terrible password, but it’s also important to note that you should NEVER make your password your name, your birthday, or anything else that someone could easily find out. It’s best to use a random string of both lowercase and uppercase letters, numbers, and special characters to create a strong password that will be difficult to guess and the longer and more complex your password is, the better. Most web browsers will prompt you to press their “suggest strong password” button, which will generate one for you to use if you are finding it difficult to create one yourself.
However, having a complicated password does make it difficult to remember. Fortunately, there are several ways to keep your password safe, confidential, and easy to access. Most web browsers have the option of saving your passwords for you, so you don’t have to write them down. That said, it is better if you use a more secure, dedicated password manager to keep them safe. LastPass and Dashlane are both easy to use and secure password managers that you may want to consider. You could even write your passwords down on a physical piece of paper, which might be the most secure as paper can’t be hacked. Just be sure to store your paper in a secure place so someone else can’t get a hold of it.
Another way to keep your online banking and other accounts secure is to have two-factor authentication. This is typically a one-time code that is sent to your email or texted to you that you must enter in order to gain access to your account. This ensures that even if your password is compromised, the authentication code is still needed to access your account.
It’s unfortunate but data breaches happen often. How do you know if you are affected? Google’s Password Checkup, Mozilla’s Firefox Monitor, and Have I Been Pwned are all services that can show you if your email and passwords have been compromised, so you can change your passwords immediately.
