Passwords are the keys to our online identity. That’s why a strong and unique password is critical to online safety.

In 2023, the Australian Signals Directorate (ASD) received more than 87,000 reports of cybercrime over the financial year, an average of a report every six minutes. NAB invests heavily in 24/7 security defences to help keep customers and the bank safe, including the use of multifactor authentication and transaction monitoring.

Here are some simple tips from NAB to ensure you have the best practices in place to protect your passwords.

1. Create Strong Passwords

A strong password is your first line of defence against cyber threats. Ensure your passwords are:

• Long and Complex: Use at least 12 characters, including a mix of uppercase and lowercase letters, numbers, and special symbols.
• Unique: Avoid using the same password across multiple sites. Each account should have its own unique password.
• Unpredictable: Steer clear of easily guessable information such as birthdays, names, or common words.

Consider using passphrases instead, which are a string of four random words put together with some special characters. These are much easier for you to remember (or your Password Safe can!) and harder for criminals to guess.

 2. Update Your Passwords

Changing your passwords periodically can help protect your accounts from being compromised. Set reminders to update your passwords every so often- and change the whole thing, not just part of it.

3. Use a Password Manager

Managing multiple strong passwords can be challenging. A password manager can help by securely storing and generating complex passwords for you. This way, you only need to remember one master password.

4. Enable Two-Factor Authentication (2FA)

Two-factor authentication adds an extra layer of security by requiring a second form of verification in addition to your password. This could be a code sent to your phone or an authentication app. Enabling 2FA significantly reduces the risk of unauthorised access.

5. Be Wary of Phishing Scams

Phishing scams are attempts to trick you into revealing your passwords or other sensitive information. Always be cautious of:

• Suspicious Emails and Links: Do not click on links or download attachments from unknown or unexpected emails.
• Requests for Personal Information: Legitimate organisations will never ask for your password or personal details via email.

You can find more information on good password management NAB’s website. For more information on how to stay safe online visit NAB’s dedicated security hub at nab.com.au/security.