Member News – password security

Feb. 23, 2023:  Keep your personal information safe: strengthen your password today

Research and surveys continually show that there are so many people  that are using passwords that are easily guessed - such as single words that include only numbers, a sequence on your keyboard and more. Despite all the information and warnings to consumers to create strong passwords, many are still not taking the necessary steps to protect themselves online.

How secure is your password?

Answer the following questions:

• Do you have one of (or a variation of) the following as a password: *

  • 123456789

  • qwerty

  • abc123

  • Iloveyou

  • 1111111

  • Welcome

  • pa$$word

• Do any of your passwords include your name or birthdate? What about the names of your pets, partners or children?

• Do you use the same password for your online banking as you do other logins such as email or social media accounts?

• Have you had the same online banking password for as long as you can remember, and can’t remember the last time, if ever, you changed it?

• Have you shared your password with anyone?

• Do you keep your password written down on a sticky note under your computer or keyboard?

If you said yes to any of the questions above, we recommended you change your password!

Strong password tips

According to a recent Comparitech blog, a six-character password using all lowercase characters and a 26-character alphabet could be cracked by a computer in one second.  On the other hand, if you had a 12-character password with a combination of lowercase and uppercase letters, numbers and symbols, it could take up to 12 million years to crack it.

Based on this information, it can be said that for every character you add to your password, the harder it becomes to crack it. Here are a few considerations on how to strengthen your password:

1. Use a combination of lowercase and uppercase letters, numbers and symbols.

2. Consider using a passphrase as your password. A passphrase is where you take an easy to remember sentence such as ‘I got a new puppy in 2008’ and take the first letter of each word (or even the whole words) to get the passphrase. Then capitalize some letters and add a special character and number - i.e., IgAnPi08!

3. DON’T use easily guessable words or phrases such as names, seasons, months, addresses, etc.

4. Create a different password for different programs and services. This includes having a separate password only for your online banking.

5. Use a password manager such as 1password or Bitwarden to store and manage your passwords securely.

6. Change your passwords periodically.

Protecting your online information

There are several ways you can protect yourself and your online information, on top of creating a strong password. We recommend you also:

• Clear your browsing history regularly, including whenever you’ve done any online banking or online shopping.

• Set up security alerts on your bank accounts. These are free to set up and will notify you if there is any suspicious activity on your online banking accounts such as someone has logged into your account or has had three unsuccessful attempts logging in.

• Do not click on links or provide money or confidential information where you cannot 100% verify the authenticity of the request. Remember, if it feels wrong, it most likely is fake or a scam.

When it comes to your online banking, if at any time you suspect or become aware that there has been misuse or unauthorized use or knowledge of your password, please change your password and contact us immediately. We are available 7 days a week at 1-800-667-7477.

For more information and tips on how to protect yourself online, click here.