A recent survey shows that cryptocurrency users in the United States do not use best security practices to keep their digital assets safe. The report, produced by Beyond Identity, examined more than 1,000 Americans who revealed their security habits, and data show that three out of ten people share their passwords of crypto wallet with someone else.
63.2% of Americans think that their cryptocurrency wallet password is secure
One of the most important benefits of cryptocurrencies is the fact that it eliminates the need for a third party. Today, however, people have been dependent on third-party solutions for some time, and it can be difficult to teach them how to secure their own resources without them.
The Beyond Identity study examined 1,015 people in the United States. 58.5% of survey respondents were men, while 41.5% were identified as women.
All 1015 also had a relatively even distribution between the generations, with Baby Boomers, Millennials, Generation X and Generation Z participating. One in ten respondents believes that someone can easily guess their passwords using social media.
More than one in three participants has already tried to guess someone’s password and 73% have done so successfully. The most commonly shared accounts with passwords include streaming accounts and phone passwords. The study also shows that three out of ten Americans share their password in a crypto wallet with someone else.
63.2% of participants in the Beyond Identity survey believe that their password to the crypto wallet is secure. The image below also shows which accounts were most compromised.
Names of pets, children, generators
The average password used by the group of surveyed participants has 15 characters and 37% use random letters. Over 30% replace random letters with other random characters. More than 27% of passwords contain the name of the account holder’s pet and more than 20% use their child’s name.
23.5% of respondents used a password generator or third-party software to create a password. Generation X uses it the most, while Baby Boomers uses the software the least.
The conclusion of the survey shows that while many participants feel that their accounts are safe, the results indicate major weaknesses in respondents’ security practices. The authors of the survey noted:
“Data showing that more than one in three participants tried to guess passwords – with 73% successful – is probably the scariest statistic.”
“It has been shown that passwords can pose a major security risk,” concludes Beyond Identity.
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