I have been getting this message since I installed the Trend Micro software.  After asking and asking and asking about what browser and what passwords it was referring to since none of the browsers I use on my PC have any (Chrome, Chromium, Firefox and Edge), I attempted to start up Internet Explorer.  Now that that is an unsupported browser and it auto opens Edge instead, I had to do a bit more research.

I found that in the settings for Edge, you can clear the Internet Explorer cache and data.  I found this under:

Settings -> Privacy, search, and services -> Clear browsing data for Internet Explorer

In the Clear browsing data now I clicked the button "Choose what to clear" and selected everything (including the Passwords option).  After this was complete, I no longer get the unprotected passwords message.

I wish Trend Micro could point people to this instead of telling them to install more software, the support ticket I had open I would consider a complete support failure.

Hopefully this will help others.