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Making Online Banking Customers Change Passwords

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Question: 
Is there a rule or regulation that requires banks to make their online banking customers change their online banking password periodically?
Answer: 

No.

Passwords are generally known to be ineffective anyway and if the bank imposed a staff-like requirement to change passwords every 90 days (or some other interval) they would be written down more and even less effective. Statistics show that the average person cannot remember the average number of different, highly secured, passwords they have already.

First published on 07/07/2019

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