HOW TO MAKE A STRONG PASSWORD

September 13, 2024

Creating a strong password is crucial for protecting your online accounts from unauthorized access. If your online accounts get hacked, the consequences can be severe and far-reaching. Unauthorized access to your accounts can lead to identity theft, as hackers might steal personal information like your Social Insurance Number, financial details, and other login credentials. This can result in fraudulent transactions, ruined credit scores, and significant financial losses. Additionally, sensitive information, such as private messages or personal photos, could be exposed or used to blackmail or manipulate you. On a broader scale, compromised accounts can jeopardize your professional reputation if work-related information is accessed or misused. The aftermath of a hack often involves a complex and time-consuming process to regain control, secure your accounts, and address any damage caused. Taking preventive measures and practicing good digital hygiene can help mitigate these risks.

Here are some tips to help you craft an effective and fraud-proof password.

1. Length Matters – Aim for a password that’s at least 12 characters long. The longer the better.

2. Use a Mix of Characters – Include a combination of uppercase letters, lowercase letters, numbers, and special characters such as @, #, $, %.

3. Avoid Common Words – Stay away from using easily guessable words like ‘password’, ‘123456’, ‘qwerty’, or common phrases. These are the first things hackers try.

4. Randomness is Key – Generate your password randomly rather than using personally identifiable information like your name, birthdate, or pet’s name.

5. Passphrase – Consider using a passphrase, which is a sequence of words or a sentence. It’s easier to remember and harder to crack if long enough.

6. Do NOT reuse passwords – Each of your accounts should have a unique password. Reusing passwords across multiple accounts can lead to devastating security breaches if one account is compromised.

7. Change Regularly – Regularly change your passwords, especially for critical accounts like email and banking.

8. Use a Password Manager – Consider using a password manager to generate and store complex passwords securely. This way, you only need to remember one strong master password.

9. Stay Private – Avoid sharing your passwords with anyone and refrain from storing them in easily accessible places like sticky notes on your desk or unencrypted files on your computer.

10. Two-Factor Authentication (2FA) – Whenever possible, enable two-factor authentication for an extra layer of security, even if someone manages to obtain your password.

Remember, the goal is to make it as difficult as possible for hackers to guess or crack your password while still being memorable enough for you to use without having to write it down.

YNCU members, if you know, or think you have been a victim of your personal banking information being compromised, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.

Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!