The password attempts are not on the banking website (for example) the hackers have obtained the converted string of your password. Example password “ABC123” might be stored as “173af743be940e” in the computer handshake. Hackers can then attempt to brute force your password into the cypher and try to get a match. Then they know your password.
This involves them knowing both the stored value “173af743be940e“ and the encryption key. And those are often pulled from a cyber attack.
A complicated password makes it harder to brute force in isolation, 2 factor adds yet another layer of defense when they try to login for real.
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