Artificial intelligence (AI) is changing the way we do banking. According to a Forbes article, AI models are now being used to automate routine tasks such as account balance inquiries and password resets, allowing banks to increase their efficiency and productivity at work.
However, a Home Security Heroes report pointed out that AI can also pose a threat to cybersecurity. Now there is an AI tool called PassGan designed to guess common passwords of internet users. Based on the report, 51% of common passwords can be cracked by PassGan in less than a minute.
Even if a 7-character password contains symbols, PassGAN can crack it in less than 6 minutes.
How does an AI password guesser work?
PassGAN is a portmanteau of “Password” and “Generative Adversarial Networks” (GAN). In a nutshell, this AI tool can predict and generate multiple passwords. With this technology, it will be easier for cybercriminals to guess your passwords and gain access to your online bank account—which could lead to fraudulent and unauthorized transactions.
Below are some tips on how you can keep your passwords safe from AI password guessers.
According to the Home Security Heroes, it’s recommended to use at least 15 characters and include at least two upper and lower-case letters, numbers, and symbols in your password. Avoid using passwords that contain your basic information such as your birthdate or name as these can be predictable.
Using the same password in all your banking online apps and social media accounts can be risky. It’s better to set a different password for each of your accounts. Should a fraudster obtain one of your passwords, at least only one account would be compromised.
To ensure your password integrity, update your passwords at least every three months. This is a crucial step in keeping your password secure and reducing the risk of having your online banking accounts hacked by cybercriminals.
If your account or credit and debit card is compromised, change your password immediately and report any suspicious activity to the authorities.
Two-factor authentication creates a second layer of protection for your account. It requires you to enter a password and security code to confirm your identity. With this security feature, hackers will not be able to access your account easily even if they have predicted the correct password using an AI tool.
One of the most effective ways to stay #CyberSafe is to make a strong and unique password. Remember that the stronger your password, the more difficult it is for cybercriminals or AI password guessers to predict it.
