This is how weak passwords put your money at risk

Identity theft, blackmail and a bank account takeover: a weak password can have dire consequences. Find out how cybercriminals can misuse your captured financial data and how you can effectively protect yourself from it!

The daily newspaper, the meeting at work or making an appointment with the doctor. Our world is becoming more and more digital – including our money. Online banking, digital wallets and payment service providers such as PayPal or Apple Pay have long been part of everyday life. Paying for coffee with your cell phone or checking your account balance and recent transactions from your own computer are certainly sensible simplifications.

However, many people also have safety concerns about these innovations and these are not at all unfounded: If cybercriminals manage to gain access to your account, they can cause major damage with just a few clicks. In different ways:

Unauthorized withdrawals – criminals raid your account

More than a quarter of all sales in German online retail were processed via PayPal in 2023. Such online payment services are becoming increasingly popular as they enable quick and easy payment.

But this is exactly where dangers lurk: If cybercriminals manage to crack your password, they can carry out transactions from your account. All doors are now open to the attackers. Within a short period of time, the perpetrators can manage to empty your entire account.

But banks and payment service providers are aware of this risk and have therefore built in some security mechanisms. These are intended to prevent criminals from transferring large amounts of money in a short period of time. For larger transfers, you will usually be asked to verify the payment using a second factor, usually another app from your bank/payment service provider. More on that later.

But the hackers also have an answer to these additional mechanisms. With many small transfers criminals circumvent these protective mechanisms. They also give the impression that the transactions involve several small orders.

At a time when more and more orders are being placed online, these fake transactions can get lost relatively easily among other, genuine receipts.

Your name, your risk: When criminals take over your identity

If hackers have access to your account, they can misuse it for more than just direct transfers. Rather, access also allows attackers to take over your identity. They can misuse this for illegal business and crimes on the Darknet (money laundering, arms trafficking or even worse). They may even manage to get one on your behalf to take credit.

It can take weeks for your bank to clarify the matter, while the amounts have already been debited and your account has been debited.

You will quickly find yourself confronted with claims that you never caused. And that can have bad consequences! In the worst case scenario, not only will your credit score suffer, but there may also be legal consequences if you are treated as a suspect or the bank does not believe you for not taking out the loan. You first have to prove the opposite!

The looming sword of Damocles: blackmail

Blackmail is a danger that is often ignored. “Something like that wouldn’t happen to me,” you’ve probably thought to yourself when you read a newspaper article about blackmail attempts.

This danger is not as far away as many people think – especially in the digital space. Health data in particular is very attractive to blackmailers, but of course financial data such as credit card numbers, account numbers, data on financial transactions or investment portfolios are also a popular target

Once captured, hackers can use this data to blackmail you. They threaten to cause you further financial harm if you don’t pay. This can be particularly disastrous for companies or self-employed people, as customer data is also at stake.

Identity theft or PayPal hack: How can I protect myself?

In his novel and radio play series “The Hitchhiker’s Guide to the Galaxy”, which has been filmed several times, the English author Douglas Adams describes the “42” as the answer to the “final question about life, the universe and everything else”. The “42” is therefore something like the generally valid answer to all questions.

This metaphor of a universal answer can also be applied to security on the Internet: Because the “final question about secure digital life” can be clearly defined with “secure password” answer. So protect each of your online accounts with your own secure password!

How do I create a “strong password”?

A strong password should be chosen at least 12 characters exist and both Lowercase and uppercase lettersas well as Special characters contain. Security experts We also recommend not just having every account with one different password not only to protect it, but also to occasionally check it to see whether it complies with the current password guidelines. At WEB.DE you can check your password free of charge and completely securely with the password check in your WEB.DE mailbox.

Reminder: This is how you can easily remember secure passwords!

The requirements for a secure password are quite complex. It can therefore be difficult to remember multiple passwords. Simple mnemonics or mnemonics can help here.

But especially with passwords that you may not need very often, it is not easy to forget one in the long run. We recommend using a password manager here.

These programs create and save complex and unique passwords for each of your accounts, taking the work off your hands. As a rule, you secure this password database with a Master passwordyours fingerprintor one Scan of your face.

What else do I need to consider?

Second factor for login

Another security level that you should ideally always have activated is: Two-factor authentication (2FA). This protects your account with a second factor in addition to your password.

If you would like to log in to your account, you must confirm this registration with your second factor, for example your cell phone. You can think of it as not only needing your key (in the metaphor, your password) to open your front door, but also your ID (e.g. your cell phone).

WEB.DE also offers this additional protection mechanism to optimally protect you and your data.

IT security

In addition to a strong password, it is also important to adhere to certain IT security rules:

If your computer is not adequately equipped with one Firewall and antivirus programs, you can easily catch spy software on your computer. This then records your keystrokes and sends the access data for your online banking to third parties.

Or you will be blackmailed directly: money in exchange for handing over your hacked access data!

human factor

Another possible scenario is: You fall for a phishing attack via a fake email with your bank’s logo or a fraudulent phone call and innocently reveal your username and password for your bank account.

Always be aware – attacks occur millions of times every day through a wide variety of meshes. Never allow yourself to be pressured into releasing this information.

Has your online banking account or online payment platform been hacked?

If this happens and you notice that hackers have managed to gain access to your wallet, PayPal account or online banking account, you should act quickly. The longer criminals wreak havoc on your account, the more damage they can cause.

In such cases, your bank offers an emergency number that you can use Have your account blocked and PayPal also offers free customer service.

As a precaution, also change the passwords to your other important online accounts.

Particularly vulnerable interface: your email account

You may not see the direct connection to your financial data. But think about how many of your online accounts are linked to your email address: online shops, social networks – and also your payment platforms and banking institutions.

If hackers manage to hijack your email account, the intruders will quickly get an overview of which bank you use and where you have stored payment details for shopping. It is easy for criminals to use the “reset password” function of the individual services to gain access to other accounts of yours and thus cause great damage.

Therefore: Secure your email account with a unique and particularly strong password and activate two-factor authentication. Your email inbox and associated email address are your central access point to digital life – lose it and you lose control.

You see, optimal protection doesn’t have to be complicated. By following these tips, you can significantly reduce risk and effectively protect your financial data from cybercriminals.

If you found the article helpful, please share it too by e-mail.

Do you like WEB.DE? Please feel free to give us positive feedback on the Trustpilot review platform!

Sources:

Stand: 16.10.2024

40 people found this article helpful.