Why is VPN Safe (and an Absolute MUST) for Banking in 2021
This poor person who shared her story on Vox was the victim of a double identity theft. First, she’d had her Grubhub account robbed of $13,103.91. Then, hackers followed up by dipping their hands into her online bank, where she found a substantially smaller number in her saving account than expected. Thieves had plucked $9,000. And when she visited her checking account, she found the same “friendly” intruders had swiped $4,000 from there, too.
Incidents like this are nothing new. According to the 2019 Identity Fraud Study from Javelin Strategy & Research, account fraud losses happen every day.
Here are the numbers:
- 3 million people had their accounts hacked in 2018, nearly three times as many as in 2016.
- Criminals prefer retirement accounts.
- More than 680,000 bank accounts were hacked on a stolen mobile device in 2018.
- Identity theft is on the rise.
Cyberattacks are the fastest growing type of crime in the world. If you’re too trusting, you could be the victim of an endless amount of hacking tactics like phishing, identity theft, key logging, pharming (similar to phishing) and more – all while innocently visiting your online bank.
Now this is money you’ve worked hard to earn. You want to save it – not give it away. So how can you deter thieves from hacking your account?
One deterrent is a virtual private network (VPN) that hides your online activities.
Use a VPN anywhere, everywhere and no thief can track you. After all, the VPN that encrypts your transactions and hides your identity, makes you 100 percent foolproof – or rather “thief proof”- safe.
What is a VPN and how does it work? Read our Ultimate Beginners Guide to VPNs.
There’s another reason why VPNs are a good idea for online banking
Your bank goes out of its way to protect you. There are times when you could be in some remote place, and you need some urgent pocket money. You tap on your bank, only to be locked out. After three attempts and a reset password, you’re still in the cold.
- Your bank doesn’t recognize that geolocation, so it blocks those entry attempts on the off-chance that person is a wannabe thief.
- Creditors could pursue you which could also make your bank freeze your account. The government can request an account freeze for outstanding loans (usually unpaid taxes).
In each of those cases, the right VPN gets you over those blocks by allowing you to use one of its thousands of servers, some of which are from locations your bank recognizes and accepts.
Signing up for a VPN takes just a few moments, but when you need it, it’s worth it!
Safest VPNs for online banking
We settled on the following three:
- With over 5000 servers in more than 60 countries. This hot VPN has zero-log policy and is audited by an independent entity - the respected PwC - to prove its 100% anonymity. Visit Site Read Our Review >
- Unlocks websites and apps. 24/7 with live support and popular encryption tools for top-notch security. Visit Site Read Our Review >
- Uses military grade security and encryption to keep your data safe from the tactics of mischievous hackers. It has 3200 IP addresses with servers in 65 countries. Visit Site Read Our Review >
How do I use a VPN?
All it takes to use these or any other VPNs to access your bank are four easy steps:
- Download the selected VPN app on your device
- Create and verify your account
- Select one or more of that VPN’s servers
- Click the power button to connect
Your banking details and anything else you do online is now 100 percent safe and anonymous!
Online tips for safe banking
When it comes to online banking, you can never do enough to protect your identity.
The steps are simple and easy to remember:
- Create a strong complex password – Use a mix of numbers, letters and special characters. Never include any part of your name, address or birthdate. Since that’s public information, anyone can guess it and gain access to your account. For more tips, read our article on how to create the perfect password.
- Security questions – Most accounts ask you to set up security questions like ”What’s the name of your first pet”? Don’t choose an obvious answer. Go for something different and use a complex passphrase, as though it were a password too. Afraid you’ll forget? Use a Password Manager. It helps you keep track of all your passwords and alerts you to suspicious online attempts to enter your bank account.
- Avoid click-through emails – No financial institution will ever ask you for your login-credentials through an email or text. If you receive an email allegedly from your bank that asks you for such details – trash it. It’s a phishing attempt for your confidential details.
- Always type the bank name directly in the browser (instead of in the Search box, and look for that green locked lock icon in the URL bar. Also check for the letter ‘s’ before HTTPS, indicating you’re seeing a “secure” site and verify the address to confirm you’re on the bank’s official site.
- Make use of your bank security updates, talking of which, keep your bank informed on identity changes, so they can keep on sending you those alerts.
When using your personal computer or device, always access your bank on networks you know and trust. If you need to access your bank on a public Wi-Fi hotspot, using a VPN is your best bet. The VPN masks your IP and encrypts your data, making it unreachable to anyone tapping into the network.
A growing number of consumers prefer online to physical banks for their convenience and security. Less known is that online banks can actually be more insecure than physical banks with their vulnerability to cyberattacks. Sophisticated hackers can easily crack your passwords and crawl into your banking accounts.
VPNs protect you by encrypting your internet traffic that conceals you from hackers. A VPN server also changes your IP addresses by connecting you to remote servers, so your online identity stays anonymous – and safe.