Elise Brooks, (202) 589-2427
BITS and ITAC Promote Password Security
Washington, D.C.—January 29, 2010—The recent revelation of 32 million passwords, and the research that followed, broadcasts to the public a longtime mantra of Security and ID Theft experts: choose your passwords wisely.
The research confirms “123456” is the most popular password, followed by “12345.” More importantly, it confirms people tend to use simple, easy to decipher passwords instead of using strong, more secure passwords that protect online information.
“Virtually all financial websites rely on customers’ passwords as a critical layer of protection for their personal and financial information,” says Paul Smocer, Vice President for Security at BITS. “We need to remember how critical it is to protect our online information, and unfortunately, to understand there are those who want access to our information or funds.”
BITS, the technology policy division of the Financial Services Roundtable, and ITAC, the Identity Theft Assistance Center, the Roundtable affiliate dedicated to fighting identify theft through education, law enforcement partnerships and victim assistance, have long been focused on identifying and improving consumer protections in the online world.
“We’ve all learned to buckle our seatbelt for personal safety. Choosing a strong password is the best way you can protect your money and your personal information online,” notes ITAC President Anne Wallace.
To increase the strength and security of online passwords, BITS and ITAC offer the following tips:
- Longer is better
- Be creative
- Complex, but personal
- Change it often
You should avoid the following easy to guess passwords:
- Family member and pet names
- Public information such as your address or birthday
- Words in the dictionary
- Sequential characters or numbers
For additional tips to strengthen and secure your online passwords, please visit http://www.bits.org/p_publications.html#SRA.
About BITS, ITAC and The Financial Services Roundtable
BITS is the technology policy division of the Roundtable, leveraging intellectual capital to address emerging issues at the intersection of financial services, operations and technology. BITS focuses on strategic issues where industry cooperation serves the public good, such as critical infrastructure protection, fraud prevention, and the safety of financial services. (www.bits.org)
ITAC, the Identity Theft Assistance Center, is a nonprofit coalition of financial services companies that display the ITAC logo to demonstrate their commitment to protecting customers from identity theft. ITAC’s victim assistance service – which has helped more than 60,000 consumers recover from identity theft – is available at no cost to the millions of consumers who have an account at an ITAC member company. Through its partner Intersections Inc., ITAC offers the ITAC Sentinel® identity management service. (www.identitytheftassistance.org)
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $74.7 trillion in managed assets, $1.1 trillion in revenue, and 2.3 million jobs. (www.fsround.org)
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