Passwords remain one of the most common ways scammers gain access to accounts. One of the biggest risks is password reuse: when the same password is used across multiple websites, one compromised account can put others at risk.
Strong password habits can help you:
- Reduce your exposure: Strong, unique passwords make it harder for cybercriminals to gain access to your accounts.
- Limit potential damage: If one account is compromised, unique passwords can help prevent the issue from spreading to other accounts.
- Respond more quickly: Good password practices can make it easier to update credentials and recover from suspicious activity.
- Protect your household: Your security habits may also help protect family members who share devices, accounts, or home networks.
Use Strong, Unique Passwords for Every Financial Account
Your financial accounts should each have a password that is difficult to guess and not used anywhere else. Avoid using personal details such as birthdays, family names, pet names, addresses, or common phrases.
A strong password typically includes:
- A mix of uppercase and lowercase letters
- Numbers and special characters
- At least 12 characters
- No common words, phrases, or predictable patterns
- A password that has not been used on any other account
Longer passwords or passphrases can also be effective when they are unique and not easy to guess.
Manage Passwords Safely
Remembering dozens of strong passwords can be difficult, but the right tools and habits can make it easier.
Consider these password management practices:
- Use a trusted password manager to create, store, and organize unique passwords
- Never share your passwords with others
- Avoid storing passwords in unsecured notes, documents, emails, or text messages
- Be cautious about saving passwords on shared or public devices
- Change your password promptly if you suspect suspicious activity or receive notice of a potential compromise
Turn On Multifactor Authentication Where Possible
Even a strong password does not provide complete protection. Multifactor authentication, often called MFA or two-step verification, adds another layer of protection by requiring more than a password to access an account.
When MFA is enabled, you may be asked to verify your identity with two or more steps, such as:
- Your password
- A one-time code sent to your phone or email
- An authentication app
- A biometric option, such as fingerprint or facial recognition
This means that even if a scammer obtains your password, they may still be unable to access your account without the additional verification step.
If you cannot enable MFA everywhere, start with your most important accounts, such as:
- Online and mobile banking
- Email accounts
- Payment apps and digital wallets
- Credit monitoring services
- Investment and retirement accounts
MFA may add a few extra seconds when logging in, but it can provide important added protection.
Small Steps Can Make a Meaningful Difference
Strong passwords are one of the first lines of defense against unauthorized account access. By using unique passwords, managing them securely, and enabling multifactor authentication where available, you can take practical steps to help protect your accounts and personal information.
Working With Janney
Depending on your financial needs and personal preferences, you may opt to engage in a brokerage relationship, an advisory relationship or a combination of both. Each time you open an account, we will make recommendations on which type of relationship is in your best interest based on the information you provide when you complete or update your client profile.
If you engage in a brokerage relationship, you will buy and sell securities on a transaction basis and pay a commission for these services. Our recommendations for the purchase and sale of securities will be based on what is in your best interest and reflect reasonably available alternatives at that time.
If you engage in an advisory relationship, you will pay an asset-based fee, which encompasses, among other things, a defined investment strategy, ongoing monitoring, and performance reporting. Your Financial Advisor will serve in a fiduciary capacity for your advisory relationships.
For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.
By establishing a relationship with us, we can build a tailored financial plan and make recommendations about solutions that are aligned with your best interest and unique needs, goals, and preferences.
Contact us today to discuss how we can put a plan in place designed to help you reach your financial goals.
Janney Montgomery Scott LLC, its affiliates, and its employees are not in the business of providing tax, regulatory, accounting, or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
