Remembering complex passwords is right up there with tax returns and dentists as something we’d prefer to avoid. So, it’s no wonder we fall back on the same words, phrases and dates like birthdays when setting up security for online accounts. But with Australians losing half a billion dollars to scammers in 2018, having a secure password could help reduce the risk of losing your personal details in a cyber-attack.
Why simple passwords are a threat.
Keeping your Internet Banking password simple might save you time now, but it may spell trouble for your money and personal information. Predictable password formulas can be easily hacked by humans, let alone sophisticated software programmed to guess billions of passwords per second.
Changing your password regularly is just as important as setting a strong one in the first place. Leaving your password the same for too long can increase the chances of an attacker using old data to gain access to your accounts. Using the same password for your Internet Banking and other sites and services, could leave you wide open to cyber-attack whenever you make an online transaction. While your bank may be secure, how secure are all the other sites you interact with?
If all this seems like it could never happen to you, think again. Maybe you’ve had friends or family members reach out because their social media or email accounts have been hacked. Perhaps you’ve already had your bank card used online to make purchases you never authorised. At the most extreme end of the spectrum, using a weak password could expose you to a cyber attacker stealing your entire online identity.
3 tips on choosing a secure Internet Banking password.
To protect you and your personal information when you bank with us, we’ve introduced new Internet Banking password controls to ensure any password you set is as strong as it can be to assist in protecting you from criminal activity.
Here are our top tips for setting a secure Internet Banking password:
1. Choose a secure password that is only used for Internet Banking.
Your password should be completely different to other passwords you use online. Having different passwords will help limit damage if your account security on any site is compromised.
2. Choose a longer and more complex password.
A password between 8-16 characters in length, including letters, numbers and special characters will make it harder to predict. Make sure you steer clear of using personal information or real words, which makes it easy for your password to be hacked.
3. Change your password regularly.
It might sound like hard work but updating your password frequently will significantly reduce the chances of it being compromised. With our new password controls, any new password must be different from the last five passwords used.
This information has been provided without taking into account any of your objectives, financial situation or needs. You should consider whether it is suitable for your circumstances before acquiring this product.
All loans are provided by Beyond Bank Australia Ltd ABN 15 087 651 143 AFSL/Australian Credit Licence 237856. © 2021.