Password protection is important, especially when it comes to online banking. Here are some tips to keep your password (and your money) safe from cyber criminals.
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Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal.
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 of your passwords are the same, but it will make it easier for cybercriminals to get access. If you use the same password for everything and that password gets compromised, all of your passwords are compromised and so are all of your accounts.
When creating a unique password, don’t make something easy to guess. Obviously, password123 is a terrible password, and don’t 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 no one will guess. The longer and more complex your password is, the better. If you’re having trouble creating a password, most web browsers have a “suggest strong password” button, which will generate one for you to use.
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. However, 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 have to enter in order to gain access to your account. That way if your password is compromised, they will still need the authentication code to get in.
Data breaches happen often, but how do you know if you are affected? Google’s Password Checkup, Mozilla’s Firefox Monitor, and Have I Been Pwned, can show you if your email and passwords have been compromised, so you can get to changing your password right away.
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Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
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