21/01/2012
Understanding Memorable Words in Online Banking
In the realm of digital security, particularly when it comes to managing your finances online, a 'memorable word' plays a crucial role. Often used in conjunction with your username and password, it acts as an additional layer of defence, ensuring that only you can access your sensitive information. This article delves into what a memorable word is, why it's important, and how to create and maintain one that is both easy for you to recall and difficult for potential fraudsters to guess.
What Exactly is a Memorable Word?
A memorable word, in the context of online banking and other secure online services, is a secret word or short phrase that you create. It is typically between six and eight characters long and should not contain any spaces. Its primary purpose is to provide an extra authentication step. When you log in, you might be asked for just a couple of characters from this word, rather than the entire word. This method helps to confirm your identity without requiring you to recall a long, complex password every single time. The idea is to strike a balance: it needs to be easy for you to remember, hence 'memorable', but also secure enough to protect your account.
Why Are Memorable Words So Important?
The digital landscape is rife with potential threats, and online banking is a prime target for cybercriminals. Memorable words are a vital component of a multi-factor authentication system. Here's why they are so critical:
- Enhanced Security: By requiring more than just a password, memorable words significantly reduce the risk of unauthorised access. Even if someone manages to obtain your password, they would still need a piece of your memorable word to proceed.
- Protection Against Phishing: Phishing attempts often try to trick users into revealing their login credentials. A strong memorable word, known only to you, acts as a barrier against these scams.
- Identity Verification: It serves as a personal identifier, confirming that the person attempting to access the account is indeed the legitimate owner.
Crafting the Perfect Memorable Word: Tips for Strength and Recall
Creating a secure and memorable word isn't as simple as picking your favourite colour. It requires a thoughtful approach to ensure it's robust against attacks but easy for you to recall. Here are some best practices:
Dos and Don'ts for Memorable Words
To help you create a truly effective memorable word, consider the following guidelines:
| Do's | Don'ts |
|---|---|
| Use a combination of letters and numbers. For example, 'Summ3r23' is more secure than 'Summer'. | Do not use your date of birth or the date of birth of any family members. This is one of the first things attackers will try. |
| Choose a word or phrase that is meaningful to you but not easily guessable by others. Think of a personal anecdote or a unique combination of words. | Avoid using your username or password as your memorable word. This defeats the purpose of having an extra layer of security. |
| Opt for a word with 6 to 8 characters. This length provides a good balance between security and ease of memorisation. | Do not use common words or phrases found in dictionaries, like 'password', '123456', or 'qwerty'. |
| Consider a short, unique sentence and take the first letter of each word, perhaps altering one letter or adding a number. For instance, 'My first car was a red Ford' could become 'M1fcfwR_F'. | Never write down your memorable word and keep it with your other banking details, such as your PIN or password. |
| Change your memorable word periodically. Regular updates help to maintain a high level of security. | Do not use predictable patterns or sequences. |
When Will I Be Asked for My Memorable Word?
The frequency and manner in which you're prompted for your memorable word can vary depending on the financial institution and their security protocols. However, the general rule is:
- During Login: You will typically be asked for a couple of characters from your memorable word when you log in to your online banking portal. This is a quick verification step.
- When Changing Credentials: The only time you might be asked to enter your memorable word in full is when you are changing your memorable word itself online.
- Security Prompts: Occasionally, you might receive a prompt to change your memorable word. This is a proactive measure to ensure your security remains up-to-date.
Protecting Your Information: Beyond the Memorable Word
While a strong memorable word is essential, it's just one piece of the security puzzle. To comprehensively protect your online banking information, you should also:
- Memorise Your Passcode and Memorable Word: Once you've created them, commit them to memory. Securely destroy any physical copies of your login details immediately after memorisation.
- Keep Credentials Secret: Never share your passcode or memorable word with anyone, not even bank staff. They will never ask for your full memorable word or password.
- Avoid Repetition: Do not use the same passcode or memorable word for multiple online accounts. A breach on one site could compromise others.
- Log Out Properly: Always log out of your online banking session when you have finished. Simply closing the browser window might not be sufficient to end your secure session.
- Be Cautious on Public Computers: Avoid using public computers, such as those in internet cafes or libraries, for online banking. If you must, ensure you log out completely and never select the 'remember me' option. Be particularly wary of unsecured Wi-Fi hotspots.
- Secure Your Devices: Ensure the devices you use to access online banking are protected with up-to-date antivirus software and are password-protected.
- Recognise Secure Websites: Always check for the padlock icon in your browser's address bar and ensure the website address starts with 'https://'. Never type your memorable word or password into an email or a website that doesn't have these security indicators.
Frequently Asked Questions About Memorable Words
Q1: Can my memorable word be the same as my password?
A: No, it is strongly recommended that your memorable word is different from your password to maintain robust security.
Q2: How often should I change my memorable word?
A: While there isn't a strict rule, changing it periodically, perhaps every six months, is a good security practice. Your bank may also prompt you to change it regularly.
Q3: What if I forget my memorable word?
A: If you forget your memorable word, you will typically need to go through a specific identity verification process with your bank to reset it. This might involve answering security questions or contacting customer support directly.
Q4: Can my memorable word contain special characters?
A: Generally, memorable words are restricted to letters and numbers. Always check your bank's specific guidelines for allowed characters.
Q5: Why only two characters?
A: Asking for only two characters makes the login process quicker for you while still providing an essential security check. It's a balance between convenience and protection.
In Conclusion
Your memorable word is a critical element in safeguarding your online banking. By understanding its purpose, following best practices for creation and maintenance, and combining it with other security measures, you can significantly enhance the protection of your financial information in the digital world. Always stay vigilant and proactive in managing your online security.
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