Your internet banking password is one of the first lines of defence between your money and a scammer.
Scammers are becoming more convincing, often pretending to be from trusted organisations, businesses, banks or even people you know. In some cases, they may try to trick people into sharing personal details, clicking a link or providing information that could help them access an account.
While no password can stop every scam, a strong and unique password makes it much harder for someone to access your internet banking if your details are ever exposed through a scam, phishing message or data breach.
That is why it is worth taking a few minutes to check whether your internet banking password is still doing its job.
When did you last change your password?
If you have not changed your internet banking password in a while, now is a good time to update it.
Older passwords can sometimes be shorter, easier to guess or reused across multiple websites and accounts. This can increase the risk of unauthorised access, especially if the same password has been used elsewhere.
A stronger password gives you another layer of protection and helps keep your banking safer.
What makes a strong password?
A strong password should be hard for someone else to guess and different from the passwords you use for other accounts.
When creating a new password, it is best to choose one that is:
- Unique to your internet banking
- Not used for any other account
- Difficult for someone else to guess
- Not based on personal details, such as your name, birthday, address, pet’s name or family member’s name
- Long and complex enough to meet current password requirements
A longer password or passphrase can often be easier for you to remember, while still being difficult for someone else to guess.
Why unique passwords matter
Many people reuse the same password across different websites, apps and online accounts. It might feel convenient, but it can create risk.
If a password used on another website is ever exposed, scammers may try that same password on other accounts, including email, social media and banking.
Using a unique password for internet banking helps reduce this risk. It means that if another account is compromised, your banking password is not automatically exposed as well.
How to update your internet banking password safely
If you decide to update your internet banking password, always do it through a secure channel.
You can update your password by logging in through The Mutual Bank’s official website or the Mutual App.
To stay safe:
- Do not click on links in unexpected emails or text messages
- Type our website address directly into your browser or use the Mutual App
- Never share your password with anyone
- Never share your one-time passcode or security code
- Contact us directly if you are unsure whether a message is genuine
The Mutual Bank will never ask you to tell us your internet banking password, security code or one-time passcode.
Be alert to impersonation scams
Impersonation scams can be difficult to spot because scammers often sound professional, helpful or urgent. They may claim there is a problem with your account, a suspicious transaction, a failed payment or a security issue that needs immediate action.
- If someone contacts you unexpectedly and asks for your password, one-time passcode, account access or personal banking details, stop and take a moment before doing anything.
- A genuine organisation will not pressure you to share your password or security codes.
- If something does not feel right, end the conversation and contact us directly using our official contact details.
A small step that can make a big difference
Updating your password only takes a few minutes, but it can make a meaningful difference to your online security.
A strong, unique internet banking password helps protect your account, your money and your peace of mind.
If you have not changed your password recently, we encourage you to log in through The Mutual Bank’s official website or the Mutual App and update it today.
Need help?
If you are unsure how to update your internet banking password, or you are concerned your account details may have been shared with someone else, please contact The Mutual Bank as soon as possible.
We are here to help you stay safe.
Read more on how you can strengthen your internet banking password here: Internet Banking Passwords
