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Protecting Your Identity

Password Security

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At Flagstar Bank, we do everything we can to protect you and provide a safe online and mobile banking experience.

However, cyber attacks are becoming more prevalent as hackers utilize more complex techniques. According to a Javelin 2018 Identity Fraud Study, 6.64 percent of consumers became victims of identity fraud in 2017.This was an increase of almost 1 million victims from the previous year. Not only are hackers finding new ways to gain access to your financial information, but they are also developing elaborate scams to trick people into revealing personal security information. To ensure your accounts and finances are protected, we want to arm you with these important password protection tips:

 

1. Pick a unique secure password.

One of the most basic things hackers look for when trying to gain access to your account are obvious passwords. We would advise against using any of the following when it comes time to create a password:

  • Name
  • Address
  • Birthday
  • Family member names
  • Other personal information

These are things someone else may know and can use to gain access to your account.

 

2. The longer the password, the better.

The longer your password is the more difficult it becomes for cyber criminals to hack into your account. We recommend using passwords that exceed at least 8 characters. Remember that each character you add to your password makes it that much harder to attack.

 

3. Include special characters.

Today, most sites will require you to include at least one of each of the following when creating a password:

  • Numbers
  • Special characters
  • Uppercase and lowercase letters

But don’t stop at the bare minimum. Adding several numbers or special characters will give your password security a huge boost.

 
4. Switch it up.

You have an online account for everything, which can make remembering passwords difficult. Instead of reusing passwords for all of your various accounts, try to use different passwords in order to strengthen your password security across all online accounts.


5. Store your passwords securely.

Never check the “Remember Password” box when using a shared computer. When using a personal computer, you can download one of many encrypted password managers to keep track of your various accounts. This type of product will convert your personal data into a code while in storage to prevent any unauthorized access. A Pew Research Center study discovered that 86 percent of Americans keep track of their digital passwords in their heads, while only 12 percent use a password management software.2 We don’t recommend writing passwords down; you never know where a piece of paper may end up, or who will get their hands on it.

 

6. Change your passwords regularly.

Most professional accounts will prompt you to change your password after a set  amount of days. This is a great security practice to utilize across all your accounts. According to a Microsoft  Research study, the average internet user waits about 3.1 months before changing passwords.3 Update your passwords frequently and don’t reuse old passwords for several months, preferably years.

 

7. Add even more password protection.

Setting up two-factor authentication (2FA) adds an extra layer of password protection to your account. 2FA requires you to authenticate your login via email or text, which complicates things for a hacker. This is a much stronger way to protect your account than just username and password alone.

 

Secure and safe online banking.

At Flagstar, we take your personal information seriously. Our team is here to help if you have questions about how Flagstar keeps your information secure.

Still have questions?

Give us a call.

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1https://www.javelinstrategy.com/press-release/identity-fraud-hits-all-time-high-167-million-us-victims-2017-according-new-javelin

 

2https://www.pewinternet.org/2017/01/26/2-password-management-and-mobile-security/

 

3https://rist.tech.cornell.edu/6431papers/FlorencioHerley2007.pdf