Most Indians still store financial passwords in smartphones: Report

NEW DELHI: About 17 percent of Indians store important financial passwords (bank, ATM, debit, or credit card) in their smartphone contact list or mobile notes, a report said on Wednesday.

While 30 percent said they share important financial passwords with family members, staff, etc., 8 percent said they store sensitive information in mobile phone notes and 9 percent in the mobile contact list, according to a report by online community platform Local Circles.

According to the report, 24 percent of the respondents shared that mobile phones have been their preferred choice, whether as notes, in the contact list, in the password app, or in another place on the device.

Only 14 percent stated that they "have them memorised" while 18 percent have such details stored "on my computer or laptop" and 39 percent have such important personal data stored in "another place or way".

A whopping 88 percent of those surveyed said they have shared their Aadhaar card for various applications, proofs, bookings, etc.

"With databases that can be joined easily and reports indicating that AI can crack over 50 percent of passwords in under one minute, the average Indian is likely to be increasingly vulnerable," the findings showed.

The mobile notes are also not secure and do not have a password on them to secure them, making users vulnerable.

Some people use easy-to-remember passwords, while others have one complex password for all their accounts.

"Neither option is recommended since it becomes easy for identity thieves and other criminals to steal your credentials," the report said.

Some service providers recommend using password manager software that helps users create strong passwords, store them in a digital vault protected by a single master password, and then retrieve them as needed when logging into accounts.

This option may not be feasible or attractive for a large majority as it involves the payment of monthly fees. (IANS)

Also Read:   Popular Passwords of the Year 2022: 'password' and '123456'

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