In 2019, the overall cost of global cybercrime is expected to exceed $600 billion.
With the increase in hacking financial institution websites it is critical that you take preventive measures to help secure your login information.
It is estimated that over 50% of users have not updated their passwords in over two years with many never having changed their original password.
You can combat the impact of data breaches by adopting good password and authentication hygiene.
8 Password security tips to hack proof your Financial Accounts
1. Use a strong password for your accounts and change it regularly.
Ideally you should use a passphrase which is a relatively long sequence of random words, numbers and symbols like “myhouseisredmy12$dog”. Be aware that many institutions limit the number of characters you can use so adjust your password length accordingly. This practice should not be confined to just your financial accounts, but also include your email accounts.
2. Use Two-Factor Authentication (2FA) if your institution offers it.
It is best to use an external authenticator like Google Authenticator. If they only offer SMS (text) authentication use that but be aware that it may be vulnerable to SIM hacking attacks.
3. Check the list of devices that have been authorized to access your account.
If you see any devices that you don’t recognize or no longer use, simply remove them.
4. Only connect via a secure internet connection.
Avoid public wi-fi networks this includes free and paid airport and hotel wifi services.
5. Secure your phone with facial recognition, a fingerprint or at very least a password.
You probably use your phone for Two-Factor Authentication (2FA) and other vulnerable activities.
6. Use a secure password manager.
Multiple secure passwords are unfortunately not easy to remember. Password managers make it easier for you to keep track of complicated passwords across multiple accounts. Many of these services have sophisticated encryption mechanisms that make password storage more secure. A word of caution, the password you choose for your password manager should be as complex as possible.
7. Use unique email addresses for your financial accounts.
Using more than one email address reduces the leverage a hacker can have in accessing all of your financial accounts with a single email address. This could get complicated if you have several financial accounts. To start you may want to create an additional email address or two with your service provider (Gmail for example).
8. Be conscious and avoid phishing attempts.
Check your emails received and the websites access. Many phishing attempts take the form of fake websites that look like the original. To do this check the address of the websites you access visit for accuracy. Never click on the website address in an email you receive from one of your financial institutions (Bank, brokerage or credit card company).
