As many as 1.7 million PC users in the UK could fall victim to cyber frauds because they use the same password for multiple account logins on the web, according to a recent research.
The document, commissioned by the card insurer CPP Group, showed that around half of Brits (nearly 46 percent) use the same password for various online accounts they need to login to, including banking, online shopping sites, and even social networking platforms.
In addition, another 54 percent of Brits admitted using different variations of the same password. With the average user visiting around 23 websites each month that need a login, the figures called for better password security measures from the users’ part.
A majority of respondents to the research also acknowledged using easy-to-guess passwords, which include names of children, memorable dates, and usually share them with friends, partners, and colleagues.
Worryingly, the survey of 1,661 Brits further revealed that around 40 percent of the respondents confess at least one other individual knows about their passwords.
A major proportion of the respondents, around 68 percent, asserted that it was very difficult to remember login credentials, whereas 17 percent said they were concerned about slipping a password and being logged out from an important account.
“No sensible person would use the same key for their house, car and garage. In the same way, we shouldn’t use the one password for everything”, said Sarah Blaney, identity theft expert at CPP Group.
Sharing password with other people could also impact your insurance claims as it could be seen by insurance companies as a risk factor. The obvious reason why people want to have one login for several accounts is that you don't need to remember them. This is especially true as the rise in card usage for instance also requires customers to remember PIN and phone numbers as well.