We sent an email out to our database at the end of last week with some web security best practice ideas and a notification that we are going to tighten up on password formats.

From close of markets today (4.35pm), when you login to MoneyAM, you will be asked to create a new password. We ask that your password has the following new minimum characteristics:

• They must be at least eight characters in length

• They must include one capital letter

• They must include one number

When you reset your password, you will not be able to use the same password that you currently use on the MoneyAM site.

Website Security Best Practice

Changing Your Password:

• Never change your password by following a link in an email that you did not request. Specially crafted phishing emails may contain links that direct you to a site that is impersonating a legitimate website to steal your personal details or install malware on your device.

• You can change your password directly on the MoneyAM ‘My Account’ section of our website. Once there, use the ‘Login Details’ tab to change your password.

• If you don't remember your password, you can get instructions on how to reset it by clicking on the ‘Forgotten Password?’ link on the Home page.

• In order for passwords to be effective, you should aim to update your online account passwords every few months or at least once a quarter.

Tips for Creating a Strong Password:

• Variety - don't use the same password that you use for other sites or services

• Don't use a single word from the dictionary. Select strong passwords that can't be easily guessed. One idea is to think of a meaningful phrase, song or quote and turn it into a complex password using the first letter of each word.

• Length - Passwords should have an absolute minimum of 8 characters, ideally a minimum of 10 to 12 characters

• Complexity - randomly add capital letters, numbers, punctuation or symbols

• Mix capital and lowercase letters

• Never give your password to others or write it down

Don’t be a victim of email scams

A popular scamming method with criminals is to send fake emails pretending to be from a company you trust. They do this to access your personal information, such as your bank details, name and address. These emails usually include urgent payment requests and generally may include some of the following:

• A link to update your payment information

• Threatening consequences if you don’t take action

• A link that takes you to a false website

A few other account security and privacy best practices to keep in mind are:

• Sign out of your account after using a publicly shared computer

• Keep your antivirus software up to date

• Don't put your email address, address or phone number in your MoneyAM Bulletin Board profile.

• Only connect to people you know and trust