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The Importance of VPNs for Safe Online Banking

Using online banking services on laptops/desktops and mobile devices is a common phenomenon in these days. However, it cannot be denied that such internet-based transactions are vulnerable to various risks, sometimes leading to compromising of login details, and resultantly stealing of hard-earned money.

Using an effective VPN (Virtual Private Network) service has become a must-have to prevent such mishaps in the present times. While there are a great number of VPN services available on the Internet, there are only a few that offer the desired level of security, specifically for the banking transactions. You can go through the reviews of such efficient VPN services at https://www.bestonlinereviews.com/.

Banking in the present era

Gone are the days when one would physically walk into a bank’s premises just to know his/her account balance or to deposit/withdraw money. Nowadays, banking transactions can be done conveniently from within the comfort of one’s living room, using a mobile device or desktop/laptop computer. In fact, money transfers have never been this easy!

However, an important fact that many people fail to realise is that when they log onto Wi-Fi networks, be it the private networks or the public kinds, the banking transactions done on the Internet are never 100% secure. There is a chance that cyber criminals might be tapping into your online banking session, a very scary thought to say the least! This leads to another important debate – are banking websites and applications safe?

This is the reason why using a VPN service can add a big preventive wall and prevent any such hacking attempts, making it almost impossible for a hacker to get past to your banking details.

The safety of online banking

If you’re someone who stays on top of Internet security issues, you must have definitely heard of Krack – Key Reinstallation Attack, which has impacted millions of users throughout the world, in the year 2017 alone. Furthermore, online banking frauds have increased tremendously (more than double) since the year 2010, raising an important question about the safety of online banking.

Kaspersky’s report related to the Carbanak Cybergang in the year 2015 revealed that around $ 1 billion was stolen from 100 banking establishments spread over 20 countries, considered the biggest cyber banking breach in history.

Cybercrimes have grown to an altogether new level, wherein, a cyber-attacker can even read the victim’s information from short and long range, gaining access to details like login IDs, passwords, email addresses, card numbers etc., even when he/she is abiding by all the safe Internet banking rules.

How VPNs help?

Virtual private networks have emerged as a useful means to protect people from such online banking vulnerabilities. These VPNs create an encrypted tunnel between the user and the banking establishment’s server, which can then be safely used for transmitting any confidential details. Doing so prevents leaking of any private information, even when connecting to the Internet from public Wi-Fi hotspots.

A VPN essentially provides the user an artificial IP address of a different country, which can mask his/her actual location. Thus, the users are shielded from any tracking through the ISPs and even potential government surveillance.

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Staff Writer

All articles published by Staff Writer have been contributed by all our reporters and edited and proofread by our editorial team.
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