9-point guide to a strong internet banking password

In our day-to-day transactions, we are riding technology more than ever before. There are very few who have not encountered any type of security-related problem or haven’t suffered concerns of becoming technology-related frauds while using mobile or internet banking. A study jointly done by FIS, a Global Fortune 500 company reveals that in the past 11 months between June 2020 and April 2021 phishing-related frauds have been the most common among different age groups. As much as 35% of mobile banking users face fraud regularly. So does internet banking users.

A strong password provides considerable security against attempts of fraud. Here is a 9-point guideline on how to create one.

SBI tweets

“A strong password ensures higher levels of security. Here are 8 ways in which you can create an unbreakable password and protect yourself from cybercrime. Stay alert & #SafeWithSBI! #CyberSafety #StrongPassword #OnlineSafety #CyberCrime #StaySafe,” recently twitted SBI.

A strong password ensures higher levels of security. Here are 8 ways in which you can create an unbreakable password and protect yourself from cybercrime. Stay alert & #SafeWithSBI! #CyberSafety #StrongPassword #OnlineSafety #CyberCrime #StaySafe pic.twitter.com/ScSI8H5ApF

— State Bank of India (@TheOfficialSBI) August 18, 2021

The guideline

Use a combination of both uppercase and lowercase letters, like, ahBjBh

Use both numbers and symbols such as AjnGH98@k

Use minimum 8 characters to ensure adequate security. i.e. AjhUIj@0

Do not use any common dictionary words, like, it islocked or thisismypassword

Do not use any memorable keywords like ‘abcde’ or ‘wxyz’ or ‘qwerty’

Do not keep easy traceable password like ‘abcdefgh’ or ‘12345678’ or ‘abcd1234’

Do not use your name as a password like ‘Kaushik123’ or ‘Kaushik@1234’

Do not use your date of birth as the password like ‘15061985’ or ‘15June1989’

And finally, change your password once in a month, and make it a habit.

Bottom line

In FY21 Reserve Bank of India (RBI) reported bank loan frauds amounting to Rs 1.38 trillion, down by almost 26% from over Rs 1.85 trillion rupees in FY20.

Since 2009 in India reported banking fraud worth Rs 5,291 trillion took place in the country, according to RBI.