Is Password Security a Concern for You?

Password safety is becoming an important aspect of our financial safety in today’s environment. In the world of financial advisers, we’re aware of this and take precautions to safeguard our customers on a daily basis. We do, however, encourage our customers to take precautions to ensure their own safety. Password management and storage are two ways you may safeguard your personal information.

Choose Difficult Passwords

Let’s take a look at what a safe password should look like initially. The following are acceptable passwords:

  • If possible, make it as long as 16 characters.
  • All capital and lowercase letters and digits are
  • The words you use are meaningless; they should not be phrases or easily guessed from context.
  • You should not use the same password on several websites, i.e.

Make Use of Extra Security Measures

In addition to using a strong password, we advise our customers to use financial logins to further safeguard their accounts. Some of the extra layers that may be added include the ones listed below:

Questions Regarding Your Identity. In order to prevent your personal information from being accessed by hackers, don’t use obvious responses while filling out these forms.

Authentication Using Two Factors. Register for two- or multi-factor authentication if available, which requires you to input a code received through text, phone call, email, or an authentication app on your phone, each time you log in. This increases the security of your account considerably. A password hacker or password guesser can’t access your online platform if they know your password.

The password is given orally. A spoken password or pin may be added at most banks in the event that someone attempts to phone in and impersonate you. In order to verify your identity, you’ll be required to provide a vocal password or pin each time you phone in. You may even be able to utilise a spoken password with certain financial advisers. It’s important to remember that your password or pin should not include any personal information that a hacker may use to guess it.

Take a look at the company’s financial records. We strongly advise you to check your bank and credit card statements for any unusual activities, since hackers are now making “test” purchases to see whether your accounts have been compromised. My credit card company was informed of a $17.99 Netflix transaction on my card, which I didn’t authorise since I’m not the one in my family that pays for Netflix.

Until we are compelled to do so, it is difficult to begin implementing modifications to our present password system. I had to spend a few hours a few years back updating all of my passwords since someone had hacked the simple and unsafe password I was using for several of my logins. I don’t want anybody else to go through what I went through, and I don’t think anyone should have to. As a bare minimum, begin working on these adjustments for your bank accounts today, and then consider doing the same for your other logins on a rolling basis.

Make Use of a Password Manager

It’s difficult to get started on these changes since you don’t have a password storage solution that is safe and structured. However, cloud-based password management services have been around for a long now, and I’ve seen individuals catalog them in Word or Excel spreadsheets. Using a cloud-based password manager has various benefits. Managers of passwords:

  • Organize and make it simple to find all of your passwords in one location.
  • Only one password has to be remembered.
  • As a result, your personal information is protected.
  • Because they are hosted in the cloud, you won’t have to worry about losing your data if you misplace your device.
  • Password generators can create complicated, safe passwords for you.
  • Provide a place to save meaningless responses to security questions.
  • Your phone and PC may both access the same information.
  • You can use your phone and computer to automatically fill in your passwords for websites, just as your browser does.
  • Access to your passwords might be shared with other family members
  • There is no opportunity to reset the password, which would offer an additional level of protection.

Check out Last Pass, 1Password, Dashlane, and Keeper if you’re interested in utilising a password manager. Here at Merriman, we utilise Last Pass and have given a graphic of an example “vault” created by Last Pass.

Consider adding a false letter or digit to all your passwords and know that you’ll need to go erase that particular letter or digit when you input your passwords if you are concerned about password manager hackers. Keep in mind that extra levels of protection, such as two-factor authentication, should prevent hackers from gaining access to your account just by using your password.

For your financial security, passwords are critical. The question isn’t whether, but when will someone get their hands on your login credentials? You can make it much simpler for yourself to maintain your passwords while also making it much more difficult for hackers to access your internet logins and information by following some of the procedures mentioned below.

When it comes to investing and financial planning, we don’t only assist our customers with their money; we also teach them about cybersecurity and how to keep their data secure. Please don’t hesitate to contact us if you have any queries concerning your financial security. We’re always here to assist you and your loved ones!

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