How To Create Strong Passwords for Online and Mobile Banking App
January 14, 2025
How to Make Unique, Secure and Stronger Passwords for Online Banking
Indiana ranked 15th in the nation for data breach victims, with losses totaling over $73 million.[1] This shows how serious online security threats can be, especially for sensitive information like your financial details. While online and mobile banking make managing money easier, they also come with risks.
Hackers are always looking for ways to break into accounts, and weak passwords make it easier for them to succeed. Your financial safety depends on how well you protect your account from these threats. Strong passwords are essential to keeping your banking accounts safe.
Creating strong passwords isn't as difficult as it seems, and the effort is well worth it. By taking a little time, you can protect your accounts from hackers. In this guide, we’ll explain why strong passwords matter, how to create them, tips for making them even safer, and other ways to protect your accounts from fraud.
Why Strong Passwords Matter for Online and Mobile Banking
A digital banking password is the password you use to log into your bank’s website or mobile app.
You need it to:
Check your bank balance.
Pay bills.
Transfer money.
Do other banking tasks.
A password helps protect your bank account from people who shouldn’t have access. To keep your account safe, it’s important to create a strong and unique password. A weak password can make it easier for hackers to steal money, personal information, or even your identity.
This is especially important for online and mobile banking. Your financial information is valuable and can be a big target for hackers. Once they have your banking password, they could steal money, access your personal details, or change your bank account settings to take control.
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How To Use Strong Passwords for your Online and Mobile Bank App
Creating a strong password is more than just mixing up some characters. It's about making a password that is hard for hackers to guess but easy for you to remember. The best password for mobile banking is one you create using the following methods.
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Avoid Common Passwords & Personal Information
Common passwords like “123456” or “password” are the first ones hackers try. They are easy for attackers to guess. Avoid simple patterns, and make your password random with letters, numbers, and symbols.
Don’t use things like your name, birthday, or address in your password. Hackers can easily find this information online or on social media. Instead, try random combinations or use passphrases that only you understand. For example, “$umM3rF1sh*2024!” can be more secure than using your pet’s name.
Use a Long Password
The longer your password, the harder it is for hackers to crack. Indiana Cybersecurity Hub suggests using a password that’s at least 12 characters long.[2] A longer password has more combinations, which makes it much tougher for cybercriminals to guess.
Mix Characters
A strong password uses a mix of uppercase and lowercase letters, numbers, and special symbols (like @, $, or &). The more variety you have, the harder it is for hackers to figure out. For example, “Password123” is weak, but “P@ssw0rd!2024” is much stronger.
6 Tips for Creating Strong Passwords
Creating strong passwords is one of the easiest ways to protect your banking accounts. Here are some simple yet powerful tips to help you create and maintain secure passwords.
1. Use a Passphrase
A passphrase is a longer, stronger password made of random words. It’s easier to remember than a bunch of random letters and numbers. For example, “FunkyMonkey$Winter2024!” might be a great passphrase.
2. Don’t Reuse Passwords
Using the same passwords for different accounts makes you more vulnerable. If one account is hacked, the others can be too. Always use a unique password for each account, especially for your banking accounts, which hold sensitive financial information.
3. Consider a Password Manager
With so many accounts to keep track of, remembering strong passwords can be tough. A password manager helps store and create strong passwords for you. It can even fill in your passwords automatically when you need them. Secure password managers can make things much easier and safer.
4. Update Passwords Regularly
Changing your passwords every few months is a good habit, even if you haven’t noticed anything suspicious. Updating them often helps protect your accounts. If you use a password manager, it’s easy to update many passwords at once.
5. Enable Biometric Authentication
Many mobile banking apps let you use your fingerprint or face for security. This is called biometric authentication, and it adds another layer of protection in addition to secure strong passwords. It’s harder for someone to hack your account without your fingerprint or face.
6. Use Two-Factor Authentication
Even the strongest password can be bypassed if someone gets access to your account. To add extra protection, turn on two-factor authentication (2FA) whenever possible. This adds another step. After entering your password, you’ll need to confirm your identity with something else, like a code sent to your phone or an authentication app.
More Ways To Protect Your Online and Mobile Banking Accounts
While strong passwords are crucial, there are other steps you can take to protect your online and mobile banking accounts from fraud.
Protect Your Devices
Make sure that your devices are up to date with the latest security patches. Use antivirus software and enable encryption features when possible to protect your personal information.
Avoid Public Wi-Fi
Public Wi-Fi networks are often unsecured, making them vulnerable to hacking. If you must access your banking app or online banking account, use a secure, private connection such as a personal hotspot.
Monitor Your Accounts
One of the best ways to detect unauthorized activity is by regularly checking your account. Set up alerts for transactions so you’re immediately notified of any unusual activity.
Be Cautious of Phishing Scams
Phishing scams trick people into providing sensitive information by pretending to be legitimate organizations, such as your bank. Be cautious of unsolicited emails, text messages, or phone calls requesting personal information or signing in using passwords. Always verify the source before responding.
Use Secure Websites
When accessing your online banking account, make sure that the website is secure. Look for “https” in the web address and a padlock icon in the browser’s address bar. These are indicators that the site encrypts your data to prevent it from being intercepted.
To learn more, explore Centier’s security & fraud prevention resources.
Keep Your Finances Safe With Centier by Your Side
Creating strong passwords is a simple yet effective way to protect your online and mobile banking accounts. By using long and complex passwords, enabling two-factor authentication, and monitoring your accounts regularly, you can greatly reduce the risk of fraud. It’s important to remember that your financial security is worth the effort it takes to protect it.
Want to further secure your financial future? Explore Centier’s savings products or schedule an appointment.
Sources:
[1] https://www.idstrong.com/indiana/
[2] https://www.in.gov/cybersecurity/blog/posts/one-password-to-rule-them-all/