The most popular password was 1234, but the amount of times this number occurred 'staggered' the researchers - almost 11 per cent of the 3.4 million passwords were 1234.
This PIN was also more popular than the 4,200 codes at the bottom of the list combined.
The next most popular 4-digit PIN was 1111, used more than 6 per cent of times.
In third place was 0000 at two per cent.
Data Genetics compiled a list of the top 20 passwords and found that 26.83 per cent of all the passwords in the list could be guessed by attempting these 20 combinations.
The researchers said: 'Statistically, with 10,000 possible combinations, if passwords were uniformly randomly distributed, we would expect these twenty passwords to account for just 0.2per cent of the total, not the 26.83 per cent encountered.'
The more popular password selections dominate the frequency tables and the study found that 10 per cent of PINs could be guessed correctly first time.
More than 20 per cent could be guessed by using just five attempts and statistically, one third of all codes could be guessed by trying just 61 distinct combinations.
The data found that the least-used code was 8068 with just 25 appearances in 3.4 million - far fewer than random distribution would predict.
The researchers also noted that many of the high-frequency PINs could be interpreted as years because many began with 19, for example, 1984, 1967 and so on.
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