Expert explains urgent need for strong passwords

James Lee, COO of the ITRC, said the study of more than 1,000 consumers is eye opening.
Published: Mar. 18, 2022 at 10:10 AM EDT
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InvestigateTV - Remembering your password for online shopping sites can sometimes be a hassle, but would you sacrifice security for convenience? A new study said there’s a good chance you would.

A recent study investigating consumer password use found that 25 percent of online shoppers would abandon their carts of $100 if prompted to reset a password at checkout.

Nearly half of users say it’s “very likely” they would abandon a website when told a new password cannot be the same as their old password, according to the Identity Theft Resource Center.

James Lee, COO of the ITRC, said the study of more than 1,000 consumers is eye opening.

“What that tell us is we value convenience over security and that’s a very dangerous proposition, but you know what? The bad guys know that and they use that against us,” Lee explained.

Lee said this shows why we all have a responsibility to be a little more cyber smart about protecting ourselves. We can’t prevent data breaches as individuals, but we can take away some of the punch that the bad guys can inflict on us if we just take some basic steps.

“Like, have a unique password on every single account. It’s a pain but it’s not nearly as painful as having your identity stolen and your information compromised and misused,”

There are password managers for your smartphone that help you keep track of them all or you could just simply write them down in a book you keep at home. Think about it: if you use the same password for all accounts and a hacker gets that information, they can blow up your financial world in a matter of minutes.