The importance of secure passwords in online banking and e-shopping - tips from financial experts

The importance of secure passwords in online banking and e-shopping - tips from financial experts

According to a report by www.nr-kurier.de, the State Criminal Police Office and the Rhineland-Palatinate consumer advice center have put together important tips on password security on the occasion of “Secure Password Day” on February 1st. It is alarming that many Internet users still use insecure passwords such as “0000” and “1234” that are easy to guess. Personalizing passwords with reference to yourself or your immediate environment is also unsafe. In addition, it is often neglected to choose a separate and secure password for each account.

To ensure online security, passwords should be at least ten characters long and contain a combination of lowercase letters, uppercase letters, numbers and special characters. In addition, the State Criminal Police Office and the consumer advice center recommend the use of multi-factor authentication, such as a fingerprint, app confirmation or PIN. Password managers are also recommended to securely store the high number of different passwords.

Neglecting password security can have a devastating impact on the market and consumers. Data breaches and theft of personal data can lead to financial losses and a loss of trust in online platforms. Companies could suffer significant financial loss due to data loss or hacking attacks. For this reason, it is crucial that Internet users improve their password security and follow experts' recommendations to prevent possible data misuse and ensure additional protection online.