Is a VPN safe for online banking?

Are you wondering, “Is a VPN safe for online banking?” Yes it is, as long as you exercise caution and follow best practices. A VPN secures your data with the highest level of encryption, guarding it against threats when you do online banking over public Wi-Fi or on your home network. 

Even though banks take stringent measures to keep your money protected, online banking with a VPN improves your security considerably. However, not all financial institutions allow you to use a VPN for online banking, so make sure you check your bank’s policies to avoid any potential issues. 

When should you use a VPN for online banking?

A VPN can help you with online banking in the following situations:

When you are on public Wi-Fi

Using public Wi-Fi to conduct online banking transactions can pose serious risks to your security. Hackers can easily exploit these open networks to gain unauthorized access to your device. In some cases, they even create fake Wi-Fi networks in public places like airports.

If you have to do online banking on a public Wi-Fi network, it is recommended that you connect to a VPN. It will encrypt your online banking activities, ensuring that any potential eavesdroppers on the same network will only see unreadable data they can’t take advantage of.

When you are abroad

Banks may raise concerns or become suspicious when you access your account from a different country. In some unfortunate cases, this could result in your account being locked or restricted while you are abroad. However, using a VPN can help prevent such issues. 

By connecting to a VPN server in your home country, you can mask your actual location and make it appear as if you are accessing the bank’s services from within your home country. This way, the bank won’t detect that you are physically in a different location, avoiding any potential complications or account restrictions. 

When you are at home

Did you know that home Wi-Fi networks can still be vulnerable to similar threats as public networks? Attackers can break into your Wi-Fi network and intercept your online banking activities if they are close enough, stealing sensitive information like login credentials, account numbers, and financial transactions.

Using a VPN when you are connected to your home Wi-Fi network adds an extra layer of security. By creating a secure tunnel between your device and the internet, a VPN ensures that your online banking activities remain confidential and protected from prying eyes.

When a VPN won’t help

While a VPN is a great method to improve your online banking experience, it will not help in the following situations:

If you use free VPN apps

When it comes to free VPNs services, they often come with a trade-off. For instance, free VPNs often show countless ads that not only ruin your user experience but also track your behavior and gather data that can be sold to third parties.

Moreover, most free VPN providers lack the robust infrastructure and additional features offered by reputable VPN services. As a result, they are more prone to IP leaks, which can defeat the purpose of using a VPN to safeguard yourself against hackers.

Related Read: Paid VPN vs. Free VPN

If you have weak passwords

There have been many instances of banks facing data breaches and customer information ending up on the dark web. Hackers can easily get their hands on this data, which poses a significant threat if weak passwords are used for online banking accounts or if passwords are reused across multiple accounts. In such cases, hackers can access your accounts without compromising your computer’s security.

If you don’t practice safe internet hygiene

Good internet hygiene is vital. While a VPN offers a way to protect your transactions, it is important to supplement it with other precautions. Neglecting essential security measures can still leave you vulnerable to hacking, even with a VPN. Therefore, keep your antivirus software up to date, regularly update your operating system, and address any virus alerts promptly.

Other ways to do online banking securely

Besides using a VPN, here are some essential practices you must follow to keep your online banking safe:

• Avoid password reuse: With the prevalence of data leaks, using the same password for multiple accounts can jeopardize your bank account if one password is compromised.

• Choose strong passwords: Weak passwords like “password” or “12345” are easily guessable. Thankfully, most systems now enforce strong password requirements to enhance security.

• Enable Two-Factor Authentication: Implementing 2FA adds an extra layer of protection by requiring an additional step during the login process, making it harder for hackers to gain unauthorized access.

• Keep your devices and software updated: Regularly updating your devices, antivirus software, and VPN app is a no-brainer. These updates often include security enhancements in addition to improving functionality.

• Lock your screens: Whether it is a smartphone, laptop, or work computer, always lock your screen when you are not using it. Physical access to your device can bypass VPN protection.

• Exercise caution with links: Be cautious of suspicious links, whether in website pop-ups, emails, or attachments. Avoid clicking on them to mitigate the risk of malware or phishing attempts.

• Enable banking notifications: Take advantage of banking notification options provided by your bank or banking apps. These notifications will promptly alert you of any activities, including any potentially suspicious transactions.

• Use antivirus software: Install and regularly update antivirus software on both your smartphones and computers to bolster your digital security.

Why choose PureVPN for safe online banking?

Here are a few reasons why PureVPN is the best choice:

• PureVPN uses 256-bit encryption and follows a strict no-logs policy to ensure that your online activities, sensitive data, and bank transactions remain secure and shielded from third parties.

• A single PureVPN account can be used to connect 10 devices at the same time. Whether it is your laptop, phone, or tablet, all of your online transactions can be protected across multiple devices.

• With an extensive network of 6,500+ servers in 70+ countries, PureVPN lets you select a server location that matches your country of residence, enabling uninterrupted transactions without interference from your bank.

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Frequently asked questions

Is VPN safe to use for online banking?

Using a VPN for online banking can enhance security by encrypting your data and safeguarding your transactions. However, VPNs are just one component of a comprehensive security approach. 

To ensure online banking safety, it is equally important to follow best practices, such as using strong and unique passwords, enabling two-factor authentication, keeping devices and software up to date, and practicing good internet hygiene. 

By combining a VPN with these measures, you can significantly reduce the risk of unauthorized access and protect your financial information effectively.

Why can’t I access my bank on a VPN?

Some banks may restrict access to their services when using a VPN due to security reasons or to comply with regulatory requirements. These restrictions are implemented to prevent fraudulent activities and ensure the safety of customer accounts. 

If you are unable to access your bank while connected to a VPN, your best bet is to contact your bank’s customer support for further assistance or consider temporarily disconnecting from the VPN to access online banking services.