Most Indians still store financial passwords on smartphones, finds report

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

While 30 percent said they share important financial passwords with family members and staff, etc., 8 percent said they stored sensitive information in their cell phone notes and 9 percent in their cell phone contact list, according to online community platform LocalCircles.

According to the report, 24 percent of respondents shared that the mobile phone has been their favorite choice, either as notes, contacts list, password app or elsewhere on the device.

Only 14 percent said they have “remembered it by heart,” while 18 percent have stored such information “on my computer/laptop” and 39 percent said they have stored important personal information “in another place/way.”

A whopping 88 percent of the survey respondents said they have shared their Aadhaar card for various applications, proofs and reservations, etc.

“With easy-to-connect databases and reports showing that AI can crack more than 50 percent of passwords in less than a minute, the average Indian is likely to be increasingly vulnerable,” the findings showed.

Mobile notes are also not secure and do not have a password to protect them, leaving users vulnerable.

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

“Neither option is recommended because it is easy for identity thieves and other criminals to steal your credentials,” the report says.

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

This option may not be feasible or attractive to the vast majority as it requires paying monthly fees.

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