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.
If a cybercriminal gains access to one of your online accounts, they may be able to:
Using strong, unique passwords is one of the simplest ways to protect yourself online.
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.
Create passwords that include a combination of:
The more varied your password, the more difficult it is to guess.
Hackers often try the most commonly used passwords first.
Avoid passwords like:
Also avoid using obvious personal information such as your:
If someone can find the information on social media, it shouldn't be part of your password.
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.
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:
Every important account should have its own unique password.
Remembering dozens of unique passwords isn't realistic for most people.
A password manager can:
This allows you to create unique passwords without needing to memorize each one.
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:
This helps prevent unauthorized access even if someone knows your password.
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:
You don't need to change passwords on a regular schedule if they're strong and unique.
However, you should change them immediately if:
Acting quickly can help prevent further damage.
Never share your passwords with anyone.
Avoid:
Treat your passwords like any other sensitive financial information.
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.
Cybersecurity experts generally recommend passwords or passphrases that are at least 12–16 characters long.
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.
A password manager is a secure application that creates, stores, and autofills unique passwords for your online accounts.
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.
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.