In today's digital world, cybercrime is on the rise, projected to cost businesses and individuals $10.5 trillion annually by 2025. In the previous year, over 1,000 data breaches impacted more than 155.8 million people in the U.S. alone.

Financial institutions, such as banks and credit unions, are frequent cyberattack targets. In 2019, a breach at Capital One exposed over 100 million accounts in Canada and the U.S., affecting personal data like names, birthdates, bank account numbers, Social Security numbers, emails, credit scores, and addresses. Similarly, JPMorgan Chase experienced a breach in 2014 that compromised up to 83 million accounts, exposing customers’ names, addresses, phone numbers, and emails. In 2019, 62% of data leaks were within the financial services sector. Traditional antivirus tools and firewalls aren't always effective.

Despite 90% of users worrying about password theft, many fail to secure them adequately:

• Over half use memorized passwords.
• 51% use the same passwords for work and personal accounts.
• "123456" is used by approximately 23 million people.
• A third of breach victims stop dealing with the responsible organizations.
• The average password is eight characters or fewer.

As more consumers opt for mobile and online banking, the risk of data falling into the wrong hands grows. About 196.8 million Americans were expected to use digital banking in 2021. Creating complex passwords is essential to safeguard financial information.

Tips for Strong Passwords in Online Banking

Your first defense against cybercrime is a strong password. Avoid simple, easy-to-remember passwords. Using longer phrases with numbers, letters, and special characters enhances security, reducing vulnerability to hackers.

1. Use Memorable Phrases: Create phrases or sentences including numbers and symbols, avoiding easily guessable info like names or schools. For instance, opt for “I really love pepperoni pizza” instead of “Pizza123.”
2. Combine Letters, Numbers, and Symbols: Strengthen passwords by replacing letters with similar characters. For example, “IReallyLovePepperoniPizza” can become “1R3allyL0v3P3pp30n1P1zz@.”
3. Test Your Password: Utilize websites like Dashlane.com to generate strong passwords. Consider password managers like LastPass for regularly updated, secure access.
4. Change Your Password Frequently: Although experts differ on frequency, updating passwords every 3-6 months, or promptly after breaches, helps protect accounts.

Additional Measures for Online Banking Security

Alongside strong passwords, employ these strategies for enhanced protection:

1. Use Multifactor Authentication: Opt for banks offering two-factor or multifactor authentication for extra security. This may include security questions or codes sent to emails/phones, strengthening account access beyond simple answers like street names.
2. Monitor Your Accounts: Regularly review online banking activities to spot fraud. Check transactions several times a week.
3. Report Suspicious Activity: If you suspect compromised information, contact your bank immediately to place alerts and freeze cards. Institutions such as Texas Tech Credit Union facilitate easy reporting via apps or websites.

By following these guidelines and updating security practices, you significantly reduce cybercrime risks, ensuring your financial data stays secure.