7 Reasons You Should Update Your Bank Account Password ASAP
7 Reasons You Should Update Your Bank Account Password ASAP
Jacob Wade Fri, August 18, 2023
According to a recent survey by GOBankingRates, 17% of Americans have never changed their bank account passwords. This means the money parked in those accounts could be vulnerable to online thieves. With massive data breaches becoming a common trend, phishing scams and fraud schemes running rampant online, and password cracking software becoming more sophisticated, it’s important to stay up to date on securing your financial accounts.
If you haven’t changed your bank account password, here are seven reasons to do it today.
You Use the Same Password for Other Accounts
Most people have been guilty of this. With so many accounts moving online, it’s easy to use the same password over and over again. But this is a mistake that hackers want you to make, especially with your financial accounts.
Using the same password for multiple accounts puts you at more risk. If there is a data breach for any of your online accounts, hackers now have access to your password for that account. The first thing they will do is attempt to use this same username/password combo for multiple types of accounts, including your bank account.
If you have no other protections in place, they can quickly drain your accounts, leaving you with no money and no recourse. Always use unique passwords for each online account.
Be Real — It’s Been a While
While you don’t necessarily need to change your password every month, if you haven’t changed your bank account password in a few years, it might be time to mix it up. With data breaches across major companies, it is likely that an old password of yours might have been compromised. This can be quickly remedied with a password change for each of your financial accounts.
A good rule of thumb is to update your password every two years. Research from the Federal Trade Commission suggests that mandatory password changes aren’t as effective as just setting a strong password in the first place. But changing your password every few years can help keep your passwords protected from data breaches.
Your Password Is Saved In Your Browser — and Is Easier To Access
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