One of the premier benefits to using 1Password is how it empowers you to use a unique password for every single one of your website logins.
Instead of having all your passwords memorized, you just install the 1Password extension in Safari or Chrome, and then when you are logging in to a website, you simply let 1Password log in for you. With 1Password, there’s no reason not to have unique and strong passwords for your bank, your weblog’s admin panel, your Flickr account, your Twitter, Facebook, Adobe, etc.
Then, when one of the websites or services you use gets hacked, and your username and password are both compromised, it’s far less of a risk to the rest of your logins because the hacker has a password of yours that was unique only to the website they hacked. Therefore they can’t take that username and password and use it to log in to your email account, bank account, or anything else.
In 1Password 4 there is a brilliant new section called Security Audit. In the sidebar it shows you tabs for finding weak passwords, duplicate passwords, and old passwords.
Clicking on the Duplicate Passwords tab gives you a list with every single login item that has a duplicate password. If you have any items here then you can begin working your way through each account, by logging in to the site and changing your password with a new unique one and saving that into 1Password.
(Side note: in 1Password 3 you can create smart folders that search for a common term. If you’ve got a few passwords that you know you use for most of your logins, then do create some smart folders for that password and boom, you’ve got a good list of all your duplicates.)
If you’ve been using 1Password for a while then it has no doubt collected most of your login details, making it easy to identify which accounts have duplicate passwords.
If you’re new to 1Password, it won’t yet know your various website login credentials until you enter them in. I’d suggest starting with the handful of websites you visit most often, your email address(es), and your bank’s website — changing your password in each of them to be something unique and saving that login info to 1Password. Then, over time, as you log in to the sites you visit less often, 1Password will automatically save your login credentials. And so, maybe in a month from now and then again in 6 months from now, re-check your duplicate passwords and update them.