Identity Protection: Passwords Shouldn’t be Discounted

Remember the commercial of some sheepish guy calling into a customer service line, and when prompted to say his password he says, “Big Boy?” It’s a funny moment that has stuck in my head for quite a while. The not so funny part is that he was prompted to give his password.

The sad reality is that passwords protect your money and your good name from identity theft. Still, have you ever wondered how many people use the same username/passwords at their financial institution as they do at other websites? Ok, maybe you haven’t and that probably is a sad reflection on me that I have (I probably need to learn to play golf).

I mean how many people would use, “Big Boy” as a password on multiple sites? Surely it’s not that many. The answer, according to Trusteer, is 73%. That’s why most financial institutions have used “multi-factor authentication” for years.

One of the most common multi-factor techniques is to ask additional questions if the bank detects a login from an unknown computer. However, it’s possible that you also use the same “secret question” answers at non-secure websites, defeating this multi-factor protection being offered to you.

So what should you do?

• Create your own secret question, but don’t use one you see at other non-banking websites.
• Use a different username/password for online banking than for other non-financial sites.
• Set up a password and a hint for when you call in. Doing so further protects you, your identity, and your credit union.  

In short, when thinking about your finances, be guarded. Identity theft is on the rise, so make sure you’re taking the right steps to stay protected.

About the Author: Rik Kielbasa is the vice president of Truliant’s Member Contact Center, which employees 76 people from the communities in which we serve.