For many people, thinking of a strong password for their bank account or other online account is just another chore. But if you knew someone was actively trying to steal your personal information or money, you’d probably be a little more diligent, right? Unfortunately, the reality is that with over 2,200 cyberattacks per day, bad actors are constantly trying to steal your information.
Your passwords are your first – and often best – line of defense against financial fraud and identity theft, which is why it’s so important to use a strong password for all your protected accounts. Passwords exist to help protect your personal information and finances from unauthorized access and cyberattacks, such as data breaches, malware and ransomware.
A strong password isn’t a guarantee that your accounts are immune to bad actors online, but it could very well be the difference between your personal information ending up in the wrong hands. You can think of your passwords like locks on a door, and if you value security and safety, you’ll make sure those locks – and your passwords – are strong.
The next time you create a new password or change an existing password, consider these five password protection tips to ensure your accounts and personal information are secure.
In the world of passwords, length is strength. Your passwords should be at least 12 characters long, and if you can hit 14 or more, it’s even better. Just how much of a difference can a longer password make? Consider this: It takes a hacker about two minutes to crack an eight-character password consisting of numbers, uppercase and lowercase letters. But if you extend that password to 12 characters, it will take about 53 years for a hacker to break.
Hackers prey on short passwords comprising numbers or letters alone, and in many cases, can crack these codes in a matter of seconds. However, when you add symbols, capitalized letters and special characters, you introduce complexities into your password that make it significantly more difficult for hackers to break. A 12-character password composed solely of numbers would only take one second for a hacker to crack, while a 12-character password containing numbers, symbols and both uppercase and lowercase letters would take 226 years to identify.
Sometimes, a single strong password isn’t enough, such as in the case of a data breach or leak. A single password is like a master key for all your personal and financial information. Hackers know many people reuse passwords across multiple accounts, so when they break one password, they’re quick to try it out on other accounts to see what other information they can steal. Using a unique password exclusively for each account you have is one of the best ways to ensure that if your password information is compromised, you minimize the damage.
Passwords that logically link words found in the dictionary are especially vulnerable to cyberattacks. For example, if your password is opensesame or pepperonipizza, it won’t be hard for hackers to break into your account. Similarly, sequential numbers, such as 12345, or, numbers that follow mathematical rules, such as 2468, make it extremely easy for hackers, who often look for patterns to connect these numbers and crack your passwords.
Instead, try and come up with a unique phrase that’s meaningful and specific to you, and that uses special characters and acronyms. A strong password example could be j0rdaN’sF@vor!teF00di$P-tsuh (Jordan’s favorite food is pizza), or T3rryL()vesB@$ketB@!! (Terry loves basketball). These passwords are hard to crack because they’re long, use special characters and numbers, and include uppercase and lowercase letters.
Coming up with a strong password can be a challenge, especially when the goal is to avoid using common words and terms. A password generator automatically creates random, unique passwords that can give you the protection you need. Most password generators also allow you to set specific parameters, so you can choose the password length and which characters you want to include (i.e., punctuation, numbers, uppercase and lowercase letters).
Now that you know what a strong password looks like, it’s important to recognize and avoid some common password pitfalls.
Using the same passwords for multiple different accounts can give hackers access to more of your personal information by breaking just one of your passwords. In the event of a data leak, it won’t matter how strong your password is if that information is out in the open. That’s why one of the best defenses against fraud is to always use a different strong password for each of your online accounts.
Online account security and fraud protection require an ongoing effort, which means when it comes time to change your password, you don’t just change a single character, tack on an additional number or update the year at the end of it. Though many people look for the quickest easiest way to update passwords with something they think they’ll remember, this hasty decision could leave you more vulnerable to a cyberattack.
Once you share your password, you’ll no longer be in control of where it might end up. Even if you share your password with someone you trust completely, the very act of sharing it could expose you to hackers. For example, if you send an unencrypted email with your login and password information, it could end up in the wrong hands. Another risk of sharing your password is that the recipient may not be as diligent as you are about fraud prevention and could become the victim of a phishing or malware attack. If that happens, your password could end up stolen, too.
If you stick to the strong password tips listed above, you’ll probably avoid many of the most common password mistakes, such as:
While the same password protection tips and rules for personal passwords also apply to business accounts, business owners should take some additional steps to protect their accounts.
When setting your passwords, your priority should be security, not using something that’s simple to remember. Since the average person in the workplace has 87 passwords, committing all that information to memory is unrealistic. Instead, a password manager can keep track of all your updated passwords in a single, secure location. When you’re shopping around for a password manager, make sure you do your research. Check the company’s reviews, ask how they store information, the type of encryption they use and whether they secure accounts with two-factor authentication. You may also want to check for convenience features, such as multi-platform support, security reports and a random password generator. Some of the top password managers to consider are:
Taking some time to create strong passwords for all your online accounts is your first line of defense against fraudsters. In addition to maintaining complex and unique passwords, you must also remain vigilant about the possibility of other cyberattacks. That means backing up your data, avoiding connecting to public Wi-Fi, never clicking on email links from unknown senders and maintaining anti-virus software on your computer.
At Seacoast Bank, your privacy and security are our top priority. We’re constantly improving the way we protect your accounts, in addition to offering extensive resources to help you learn how to bank safely online and reduce the risk of identity theft. For more fraud protection tips, visit our fraud prevention page.
Topics: Protect Your Finances
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