After two weeks of using, curiosity drove me to do a Registry search for the password I used for WinGuard. Lo and behold, WinGuard Pro actually stores that password in plain text within the Registry inside a “Pwd” folder under “Winguard” folder. Indeed, if you want to change your password, you can even change it right there within the Registry, and that change will take effect immediately!

How lame is that? Do not use WinGuard (or anything else that stores passwords in plain text right inside your computer!