Your password is one of the first lines of defense against cybercriminals. Whether you're logging into online banking, email, social media, or shopping websites, a strong password can help protect your personal information and reduce the risk of fraud.
Weak or reused passwords make it easier for hackers to access multiple accounts, steal your identity, or commit financial fraud. Fortunately, creating a secure password is easier than you might think.
Here are 10 best practices to help keep your online accounts safe.
Why strong passwords matter
If a cybercriminal gains access to one of your online accounts, they may be able to:
- Access your financial information
- Make unauthorized transactions
- Steal your identity
- Reset passwords for other accounts
- Access sensitive emails or personal documents
- Use your information to target friends or family with scams
Using strong, unique passwords is one of the simplest ways to protect yourself online.
1. Make your password long
Length is one of the most important factors in password security.
Aim for a password or passphrase that is at least 12–16 characters long. Longer passwords are generally much harder for criminals to crack.
2. Use a mix of characters
Create passwords that include a combination of:
- Uppercase letters
- Lowercase letters
- Numbers
- Special characters (such as !, @, #, $, %, &, *)
The more varied your password, the more difficult it is to guess.
3. Avoid common passwords
Hackers often try the most commonly used passwords first.
Avoid passwords like:
- password
- 123456
- qwerty
- Password123
Also avoid using obvious personal information such as your:
- Name
- Birthday
- Address
- Phone number
- Pet's name
If someone can find the information on social media, it shouldn't be part of your password.
4. Consider using a passphrase
A passphrase is a series of unrelated words that creates a longer, more memorable password. For example, instead of a single word, use several random words combined with numbers and symbols. Passphrases are often easier to remember while providing stronger security than short passwords.
5. Use a different password for every account
Reusing passwords is one of the biggest cybersecurity risks.
If one website experiences a data breach and your password is exposed, criminals may try the same password on your:
- Online banking
- Social media
- Shopping accounts
Every important account should have its own unique password.
6. Use a password manager
Remembering dozens of unique passwords isn't realistic for most people.
A password manager can:
- Generate strong passwords
- Store them securely
- Autofill login information
- Alert you if saved passwords appear in known data breaches
This allows you to create unique passwords without needing to memorize each one.
7. Enable multi-factor authentication (MFA)
Even the strongest password can sometimes be compromised. Whenever possible, enable multi-factor authentication (also called MFA or two-factor authentication).
MFA adds another layer of security by requiring an additional verification step, such as:
- A code sent to your phone
- An authentication app
- A biometric scan like your fingerprint or facial recognition
This helps prevent unauthorized access even if someone knows your password.
8. Be cautious of phishing scams
Many passwords aren't guessed—they're stolen. Never enter your password after clicking on a suspicious email, text message, or social media link.
Instead:
- Type the website address directly into your browser.
- Verify unexpected requests before logging in.
- Be cautious of urgent messages asking you to "confirm your account."
9. Change passwords if you think they're compromised
You don't need to change passwords on a regular schedule if they're strong and unique.
However, you should change them immediately if:
- You receive a data breach notification.
- You notice suspicious account activity.
- You accidentally shared your password.
- You believe someone else may know it.
Acting quickly can help prevent further damage.
10. Keep your passwords private
Never share your passwords with anyone.
Avoid:
- Writing passwords on sticky notes
- Saving passwords in unencrypted documents
- Sending passwords by email or text message
Treat your passwords like any other sensitive financial information.
Frequently asked questions about password security
What makes a password strong?
A strong password is long, unique, difficult to guess, and includes a combination of letters, numbers, and symbols. Using a passphrase can also improve security.
How long should a password be?
Cybersecurity experts generally recommend passwords or passphrases that are at least 12–16 characters long.
Should I change my passwords regularly?
Not necessarily. If your password is strong, unique, and hasn't been compromised, routine password changes are generally unnecessary. Change your password immediately if you suspect it has been exposed or misused.
What is a password manager?
A password manager is a secure application that creates, stores, and autofills unique passwords for your online accounts.
What is multi-factor authentication (MFA)?
Multi-factor authentication adds an extra layer of protection by requiring another form of verification—such as a one-time code or authentication app—in addition to your password.
The bottom line
Strong passwords are one of the easiest and most effective ways to protect yourself from identity theft, fraud, and cybercrime. By using long, unique passwords, enabling multi-factor authentication, and staying alert to phishing scams, you can significantly reduce your risk of unauthorized access to your accounts. If you believe your banking credentials have been compromised, contact your financial institution immediately.
YNCU members who suspect their online banking credentials have been compromised should contact the Service Excellence Centre at 1-888-413-9628 as soon as possible. You can also report fraud to the Canadian Anti-Fraud Centre at 1-888-495-8501.
Keep following: YNCU is here to support your financial literacy journey with practical fraud prevention resources, cybersecurity tips, and honest money talk to help you bank safely online.
