Apps can help keep brokergae passwords safe

USA TODAY markets reporter Matt Krantz answers a different reader question every weekday. To submit a question, e-mail Matt at mkrantz@usatoday.com.

Q: What are some good apps to help keep my brokerage passwords safe?

A: Keeping track of bank and brokerage Web site passwords is about as difficult as remembering the names of all your kids if you live in a shoe.

But reusing the same password at multiple financial sites, while easy to remember, isn't a solution. If password is compromised, the hacker could log into your bank and brokerage sites and have a good old time at your expense.

Security experts at brokerage firms urge investors to also be mindful about their e-mail passwords. Many attacks on brokerage accounts are done by starting with a compromised e-mail account.

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One good way to keep track of passwords is to keep them in a password protected Excel or Web document. These software programs use encryption to protect your data.

But there are smartphone and tablet apps that handle this job well, too. One candidate is Password Padlock. The app stores your passwords using high-security AES-256 encryption.

You can organize all your passwords and the app will help you generate random ones that are very difficult to guess. And all your passwords are available on your phone and also your laptop and tablet, since Password Padlock syncs with a free Windows 8 app. You can also use voice command to look up passwords, and the app reminds you to backup your passwords periodically.