Home Business NewsBusinessBanking News Online banking fraud: UK’s poor password practises are putting users at risk

Online banking fraud: UK’s poor password practises are putting users at risk

by LLB Reporter
25th Jul 23 11:08 am

Despite one in five adults in the UK being informed that their password has been leaked in a data breach, they have still not taken the steps to update it, according to the Uswitch.com broadband study.

The broadband experts at Uswitch.com have surveyed the public on their online password security habits to identify which areas and age groups have built the safest accounts online – and which elements of internet safety the nation may be overlooking.

The average person has 100 accounts that require a password, which some cybersecurity experts believe should be changed every three months.

Uswitch’s data reveals that the average UK adult changes a password just three times per quarter, either of their own accord or after being prompted.

Younger generations are most likely to change their login details: 16-24 year olds change a password 3.2 times every three months, compared to 2.8 times for those aged 55+.

One in five (19%) of Brits have never changed a password after a data breach. Despite their login being compromised, only 14% of over 55s changed their password following a breach, the least of any age group analysed.

Online banking account passwords are the most regularly changed, with a third (33%) of Brits changing these passwords more than any other.

Max Beckett, Uswitch.com broadband expert, commented: “Whether the cause is regular prompting from banks, fear of hacking, memory loss or just diligent banking habits, it’s encouraging to see that, of all account types, Brits are changing their online banking password the most regularly.

“Protecting your hard earned cash is even more important during a cost of living crisis where every penny counts, so regularly changing your online banking password is a great routine to get into.”

East Midlands’ residents are most likely to change their login details, whether prompted by their bank or of their own accord, with two in five (40%) changing online banking passwords more than any other.

That’s almost double those that often change their online banking passwords in London, with less than a quarter (23%) doing so.

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