Most consumers reuse banking passwords on other sites

By John Leyden
The Register
2nd February 2010

The majority of online banking customers reuse their online-banking login credentials on other websites, according to a new survey on password insecurity.

Online security firm Trusteer reports that 73 per cent of bank customers use their online account password to access at least one other, less sensitive website. Even worse, around half (47 per cent) use the same online banking username and password for other website logins.

This dismal password security practice means that if cybercrooks trick a user into giving away his login credentials for a social networking site, for example, they stand a very good chance of getting into webmail and online banking accounts for the same person, potentially bringing about crippling financial losses as a result.

Trusteer's findings are pulled from a sample of users of its Rapport browser security service. This is offered through online banks in Europe and North America to their customers as a defence against phishing attacks. Web users outfitted with Trusteer's Rapport browser security plug-in are prevented from sending login details to fraudsters, even if they visit and attempt to enter data into a known phishing site.