Strong passwords for online financial services – how to create and use

Online financial services have captivated the routines of multiple people in Europe and worldwide. But it is not bad news. On the contrary, it allows individuals and companies to manage their money more efficiently. 

But, as with many things, the question of safety arises. Of course, banks and financial institutions ensure that the customers’ funds and data are protected by security features and tools to avoid banking fraud. But, clients also have to contribute to secure their accounts. We are talking about strong passwords clients need to use for their banking apps. Today, Genome’s team will explain all the intricacies of setting up a solid password. 

Strong passwords: how to protect your data

Banks and payment service providers must follow extensive regulation rules and update their features and policies accordingly.  All that is to protect the accounts and money of their clients. But, banking fraud can still occur. That is if fraudsters figure out a password from your banking app. 

So, it is essential to come up with a strong password, which will be extremely hard to crack. 

 Create a strong password: basic rules

1. This goes for all passwords you use: they all should be unique, don’t use the same password for two or more different services to keep data secure. Even if it is something that seems pretty innocent, like a password to a forum where you left a review over 10 years ago. 

2. Make sure you change your passwords every now and then. Usually, the period is 3 to 4 months. Unfortunately, data breaches are getting more common. But, there are also services online you can use to check whether your password was leaked – just google the proper query.  

3. A strong password must be lengthy, we recommend at least 12 characters.

4. The password must contain all of the following: lowercase and uppercase characters, numbers, and special characters.

5. Make sure that you don’t use proper words in your strong password – the randomer the character order – the better. 

6. Moreover, a strong password can’t contain numbers, words, or abbreviations that can be directly linked to your data, occupation, hobbies, etc.

7. Memorize your passwords, don’t allow Google to save your passwords and autofill them. 

Access secure financial services with Genome

Once you come up with a solid password, we have just the place you can use it! You can open an account and Genome and benefit from all the financial services we provide. Genome is an electronic money institution operating in Europe. We comply with PCI DSS, PSD2, and GDPR to keep our clients secure. 

Genome provides accounts for individuals, businesses, and merchants*. All of them are protected by two-factor authentication each time they log in. No matter where you are – Germany, Italy, the Czech Republic, or any other EU country – you can always access our services online – quickly and securely. 

Start personal and business wallets, open IBAN accounts in EUR, USD, and GBP, transfer money, accept payments*, and get virtual and physical Visa cards. All these in more – with Genome.  

*Please note that Genome’s merchant services have been temporarily unavailable since September 2024.

FAQ

How do I create a password for online financial services?

There are a couple of ways you can go about that. First, you can go online and find a password manager. It will create a strong password for you to use. Or, you can come up with the password yourself, but make sure it contains numbers and special characters. We elaborated on how to create a strong password in the article above. 

What kind of password should you create for your online banking?

Access to your financial services and data is a crucial asset to protect. Thus, it would be best if you made a password to secure these as inaccessible as possible. It must be unique and longer than 12 characters and contain special characters, numbers, uppercase, and lowercase characters.  

What are the requirements to make a strong password?

As mentioned before, there are a couple. When you create a strong password, make sure it is unique, and you won’t use it again for log-ins to other apps and websites. Also, don’t use complete words or information you can relate to yourself in it. 

How do you create a strong password, and why is this important?

Scammers and fraudsters often target the accounts for financial services. Thus, if you have a simple password, you are more prone to being hacked. We advise you to create a strong password to prevent banking fraud, following the instructions provided in the article.