How many times have you signed up to something and used the same password you use for everything?
If you answered yes, you are not alone.
In fact, 88 per cent of Baby Boomers use the same password for multiple accounts. That’s despite almost half (49 per cent) being worried about cyber scams.
That’s according to a recent survey by Members Equity Bank. Called the Password Pain Survey, further results show 68 per cent find the whole process of setting up and remembering different passwords as frustrating.
Samantha MacLeod, ME’s cyber security expert, said the stats weren’t a surprise, given the average person had about 19 passwords to remember.
Another problem is that we use an easy-to-remember password, which is easier to crack than you may realise.
“Industry research suggests a password pattern can be cracked in five attempts by someone determined to access your data,” MacLeod said. “Unfortunately, digital users tend to pick easy-to-remember combinations that they repeat across applications on their devices. Or they share passwords to save paying for subscriptions.”
There lies the problem. If someone gains access to one thing, they’ll be able to get into everything else, and that’s not good at all.
So, how do most people remember their passwords? The most popular way is by having a paper list in a safe place, followed by saving a list of passwords on your phone. These ideas are not endorsed by security professionals as it is far too easy for that ‘safe place’ to fall into the wrong hands.
MacLeod said remembering passwords can be easier than you think, by using a password generator, something that only around 8 per cent of Baby Boomers currently use.
“A computer program is much better at creating and remembering all of your complex passwords than you could ever be.”
Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.