How to Create Safe Financial Passwords You Can Actually Remember

Do you use the same password for your financial apps, whether they’re for money transfers, payments, or banking? If you do, you’re not alone. One safe password is hard enough to remember, let alone multiple.

Yet a strong, unique password is essential to your online safety. More than 65% of all data breaches in 2019 led to password leaks. That’s a scary statistic, considering that a leaked password can lead to fraud.

Fortunately, two-factor authentication (2fA) is helping to change this situation. 

Still, creating a strong Remitly password is a good idea. Here’s why–and how. These tips will work for any online app or website that requires you to have a password.

The Weak Password Phenomenon

Nearly 7 in 10 people admit to using the same password on multiple sites and devices. Meanwhile, 13% say they use the same password everywhere a password is required. 

These numbers go to show that, even though most of us have been warned about the dangers of an insecure password, we tend to overlook them for the sake of convenience.

In fact, when people are asked to change their passwords for security purposes, about half will just change one digit or add one character to their old password. 

Of course, we’ve all been guilty of less-than-safe password practices at some point or another. However, when it comes to our financial services’ passwords, it’s important to take the extra steps to ensure security.

Why Does a Strong Financial Password Matter?

It’s so important to use unique, strong passwords everywhere they’re required because of the emerging technologies that hackers and cybercriminals have at their fingertips. Cracking a password isn’t a matter of someone sitting in a dark room typing in all the combinations they can think of.

Experts say it’s entirely feasible to use modern software to try every single eight-character password combination in a relatively short amount of time. 

That’s why new suggestions recommend using 12 characters in your password, and some even suggest 16. 

Adding just one character exponentially increases the number of possible combinations, which is why the longest passwords are the most secure.

What Makes for a Secure Password?

Passwords can be tough to remember, especially when a truly secure password tends to be long and seemingly random. 

The requirements for your Remitly password align with the expert suggestions, like:

  • At least one uppercase letter;
  • At least one lowercase letter;
  • At least one digit;
  • At least one special character; and
  • At least 12 characters in total.

Combining uppercase and lowercase letters will already lead to around 2 billion potential combinations for a six-letter password, but throwing in the digits and special characters is the extra safety step.

How to Remember Your Super-Safe Password

Writing down your password isn’t a good idea. But what should you do if you can’t seem to remember it? Taking the following steps will help make your secure passwords easier to recall, whether it’s your Remitly password or any site’s login.

  • Save clues: Instead of writing down your passwords, follow McAfee’s advice and keep a list of clues instead. These clues should be unique and something only you can decipher. 
  • Use a formula: If you absolutely can’t remember a random password, come up with a formula that helps you remember based on the site the password is for. For instance, your Remitly password may start or finish with “N” since navy blue is the dominant color on the site.
  • Get creative: It’s best to avoid spelling out common words or including birth dates in your password, but you can get creative and come up with your own “coded” language for passwords. For instance, lowercase “e” may also be replaced with a “3” or you might always use “m” instead of “n.”
  • Create an acronym: Incorporating the rules above, you might create a password using the acronym of a memorable sentence. For instance, “You will forever and always be in my heart, Jenna” could be turned into “uwf+ab1M<3.” Adding memorable numbers to the start, end, or middle will add extra security.

A good rule of thumb when coming up with your password is to always check it against a security tool. These tools can suggest tweaks to your password ideas. For example, “uwf+ab1M<3” goes from taking about 52 years for a computer to crack to 400,000 years just by adding “11” to the end.

Among other security precautions, most websites have a built-in tool that shows you just how secure your password is when you’re creating it. This will prove very helpful as you work to upgrade the security of all your passwords. 

And, if you haven’t gotten around to it yet, now is the ideal time to come up with a new password for all of your accounts to make sure they’re super-safe.

About Remitly

Send money to your family abroad with our easy-to-use app. And remember to keep your Remitly password safe and secure. If you forget your Remitly password, check out this guide to resetting it.

Learn more about what Remitly is doing to protect your personal information and accounts here.