Password Security: don’t get caught!

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Choosing a password like M1gMac&fries would take an estimated 344,000 years for an expert hacker to crack!

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We all know that choosing and managing passwords is a pain… but at what cost do we ignore our online security for the sake of convenience?

According to The Guardian in January, KPMG research has proven that fraud in the UK caused by “Cybercrime” cost consumers £1.1bn in 2016. One individual targeted 750 RBS customers to the tune of £113m, and although caught and jailed for 11 years, so much of this could have been prevented by consumers being a little more cautious in 2 key ways…

  1. Being more diligent in generating, and resetting, banking passwords;
  2. Being doubly careful about where passwords are stored and who has or is given access to them.

We all know that the days of Password10 being a secure password are long gone, but how many of us actually bother to change our banking passwords every 2-3 months, as we should? But the potential cost and wider implications are surely too great for us to turn a blind eye for the sake of our own convenience?

If you are a merchant and you are managing card holder information on behalf of your customers, the implications become even more significant. Check out our page on the subject of PCI DSS compliance for more information. But simply put, if you are using a telephone payment solution which stores card-holder information for repeat purchases, for example, be wary of allowing your browser to store any passwords that give you access to that system.

And never, ever, be tempted to write your password down. Treat your banking passwords in just the same way as you would your or someone else’s debit or credit card number and security information. There are many password keeper programs and apps which will keep all of your significant passwords safely encrypted and away from prying eyes, yet still available within the touch of a few keystrokes.

For more information call the number above or fill out our enquiry form, and a representative will be in touch shortly.