It is a well-known problem and it is going on all across the world; hackers are stealing usernames and passwords from a single weak website and using it to hack into widespread accounts of compromised users, including websites that truly matter like banks and home security systems. Hackers have figured out that they don’t need to crack into the super-secured apps and databases of the most important services in a person’s life. They can hack into some site used to read the news or play games and then use that same password to completely ruin a person’s life.
The problem, of course, is that users use the same username and password pair all over the internet. Even a well-built password that would have been secure, once exposed, exposes them to all the potential dangers of the darknet.
And interestingly enough, banks can help.
Bank Apps Taking a Step Forward in Value-Adding Through Password Assistance
Today’s banks are struggling to stay relevant in a highly app-based world. Banks are essential and those with interactive mobile apps are more easily staying connected to the younger crowd of flexible online payments. However, if your bank wants to truly compete, having an app that adds value in other essential ways is key.
One way that your bank can woo new customers to join and old customers to stay is by becoming a handy answer to the password epidemic. Using the extreme security and interconnectedness of the banking app, your financial institute can become the go-to source for clients to keep their passwords safe, diverse, and memorable. Here’s how:
Bank-Secured Password Management
First, there’s the issue of password managers. People who do try to diversify their passwords often keep a catalog of all their current passwords. Often on a mobile app. While mobile password management apps are not necessarily secure, your bank app is. By offering a small slice of your hardened, encrypted servers to customers to keep their passwords, you are offering a far safer way for everyone to diversify their passwords and to avoid the folly of using a hackable password manager.
This will make it easier for clients to build and maintain a diverse set of passwords, protecting them from the epidemic, insecure password apps, and their own forgetfulness.
Reminders to Update Passwords for Connected Accounts
Banks are also extremely interconnected and your app can become aware of the other services that have connected to the bank account in the past. Every website with the account’s debit or credit cards saved, along with every website for which there is a saved password.
Once you have this information, it’s simply a matter of background timers before you remind each client to change and update their saved passwords every six months or so. This will additionally protect your clients not only from the widespread password invasion problem we’re seeing today but also from the risk of having even one of their passwords compromised and used against them.
In-Line Training to Write Stronger Memorable Passwords
Finally, your bank app can even go so far as to improve the way clients build passwords. Rather than risking them using a variation of “!234S6” every time, your app can step-by-step coach them to make passwords with the acronym method. Acronym passwords, especially acronyms for jokes, are surprisingly easy to remember and complex for hackers to guess or brute-force. And once clients know how to make them, they’ll never forget.
Using these three simple methods, your bank can use its mobile app to significantly improve the personal security of client as a free add-on feature. With this one little add-on suite, clients of your financial institution will become much safer than those using other banks and other password managers. There are few better ways to add value for modern bank customers than to ensure that they never get password-hacked again.
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