World Password Day is the first Thursday in May every year, and it serves as a great reminder to check in on the strength of all of your passwords. You may already know that it’s a good idea to update the password to your online banking account once every couple of months, but it’s equally as important to implement best practices on all of your passwords!
A story from Krebs On Security outlines how cybercriminals abuse third-party financial services to gain access to online consumer accounts. Many people link these services to their bank accounts to help them track balances, budgets, and spending across multiple banks and accounts.
The Risk of Weak Online Banking Passwords
Using stolen lists of email addresses and passwords from other hacked sites, hackers probe various bank websites to see if they can gain access to online consumer accounts using the stolen credentials from other sites.
If you’re creating weak passwords or reusing old passwords, your chances of being hacked are multiplied, even on accounts making use of multi-factor authentication.
Strong Password Tips
With hacking technology and cybercriminals becoming increasingly more efficient, it’s more important now than ever to ensure that you are using strong and secure passwords for all of your accounts – especially your online banking account.
Now that you’ve created strong passwords for all of your accounts, make sure to keep those passwords secure. Don’t share your passwords with anyone, and don’t leave them posted or written down in plain view on your desk or computer. Learn more security tips here.