Quick tips to set up and protect your internet banking passwords

financialexpress.com:

Your password is a key component to protect your investment. Setting up secure banking passwords is crucial in safeguarding your financial information. It is important that you keep in mind certain strategies before creating banking or investment account passwords.

Here are some quick tips to ensure your banking passwords remain secure:

Create passwords that are complex and difficult to guess. Use a combination of uppercase and lowercase letters, numbers, and special characters to enhance security.

Steer clear of using easily guessable passwords like ‘password123’ or common phrases. Hackers often use dictionary-based attacks to crack passwords made of easily accessible words.

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Avoid using the same password across multiple accounts. If one password gets compromised, having unique passwords prevents attackers from accessing all your accounts.

Aim for longer passwords. The longer the password, the harder it is to crack. Consider using passphrases that are easy for you to remember but challenging for others to guess.

Change your banking passwords periodically. It’s recommended to update them every few months to reduce the risk of unauthorised access.

Adhil Shetty, CEO, Bankbazaar.com, says, “You should also update your password every three to six months to be 100 per cent safe, and you should change it immediately if a website you’re registered with has been compromised. We tend to use the same password on multiple sites. Therefore, a breach of one account should prompt you to change the passwords of all your accounts – especially those carrying sensitive data.”

Refrain from using easily accessible personal details like