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Data in an encrypted TrueCrypt volume are only as secure as the password. If you think that your password may have been compromised, you should change it. TrueCrypt recommends a password of more than 20 characters which includes upper and lower case letters, numbers, and special characters such as $ # + ! @. For additional information, refer to Password Protection in the Overview document.
WARNING: Forgotten pass phrases cannot be recovered or reset.

From the Drive scroll box, select an available drive
Click SELECT FILE...
The Select a TrueCrypt Volume dialog box appears.

Navigate to and select the TrueCrypt container
Click OPEN
You are returned to the TrueCrypt window.
Click VOLUME TOOLS... » select Change Volume Password...
The Change Volume Password and Keyfiles dialog box appears.

OPTIONAL: To view the password as you type it, in the Current section, select Display password
In the Current section, in the Password text box, type your current password
OPTIONAL: To view the passwords as you type them, in the New section, select Display password
In the New section, in the Password text box, type your new password
In the Confirm Password text box, re-type your new password
Click OK
Click CLOSE
Connect the device to your computer
Macintosh: The Disk Insertion dialog box appears.
Macintosh: Click IGNORE
Windows: From the Start menu, select All Programs » Utilities » TrueCrypt
Macintosh: Double click MACINTOSH HD » APPLICATIONS » TRUECRYPT
The TrueCrypt window appears.

Click SELECT DEVICE...
The Select Partition or Device dialog box appears.
Select the device you want to change the password for
Click OK
Click VOLUME TOOLS... » select Change Volume Password...
The Change Volume Password and Keyfiles dialog box appears.

OPTIONAL: To view the password as you type it, in the Current section, select Display password
In the Current section, in the Password text box, type your current password
OPTIONAL: To view the passwords as you type them, in the New section, select Display password
In the New section, in the Password text box, type your new password
In the Confirm Password text box, re-type your new password
Click OK