Security for banking login credentials

PRAISETHESUN

RG2015 said:

PRAISETHESUN said:

RG2015 said:

I started a new thread today titled Google Password Manager but this was moved from this board to the techie stuff board. I guess this is fair enough although my main concern is protecting my financial data hence I originally posted here.

I do not believe that my banking passwords are easy to guess and I keep my apps and software up to date. A very strong password is impossible to remember without a password manager.

Am I therefore complying with the banks' requirements to keep my login credentials secure?

Wasn't there once a suggestion that using a password manager was in breach of the requirement not to reveal passwords to anyone? 

I think the banks have moved on from that, especially in light of all the recommendations from cybersecurity experts these days about the advantages of password managers. Lloyds bank for example encourages you to "Use a different, strong password for each account you have. You can use your browser to help you remember them all." (https://www.lloydsbank.com/help-guidance/protecting-yourself-from-fraud/bank-safely-protect-your-passwords.html#:~:text=Use a different, strong password,it easier to log in.).

Note that that is a recommendation to use password managers generally, not Google password manager specifically. I wholeheartedly agree with the discussion in your other thread about using dedicated password manager software, particularly open source password managers such as BitWarden, rather than the tacked on afterthought that is a browser-based password manager.

Ultimately, if your internet banking was somehow breached and the bank decided that you didn't take enough care of your banking credentials they could deny any refund. When you ultimately complained about it and escalated it to the FOS, I'm not sure how the banks could justify recommending against following industry best-practice regarding cybersecurity.

Although Lloyds do talk about browsers which I do find interesting.

Use a different, strong password for each account you have. You can use your browser to help you remember them all.

Your browser settings should let you save each password. Browser security is very good, so it’s a safe thing to do and makes it easier to log in.

I meant it more as I personally was reccomending to use a dedicated password manager, rather than suggesting Lloyds was. Lloyds is definitely suggesting to use one built into your browser. Better than nothing, but not the best for maximum security.