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Is LastPass Good for Storing Bank or Cryptocurrency Passwords?

LastPass is a mobile app that can keep all your account passwords safe and hidden in a secure vault. Many users think LastPass is the best app because it protects your passwords, uses encryption, and auto fills your login credentials.

But the question is can you trust LastPass for password management? Let’s find out!

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Because Your Privacy Matters

is lastpass secure

As the flagbearer of online privacy, we are always looking out for our readers. That’s why we use products and review everything related to your device security, encryption, data management, and password protection. In this article, we’ll discuss LastPass and tackle whether you can rely on this service for your passwords or not.

What is LastPass?

In Summary: If you are a person who stores passwords in a file named Passwords.txt, then you need to rethink your approach to online security. This is where LastPass comes in. LastPass is a secure mobile app that stores all your passwords and security keys at a single location. Plus, you can use LastPass to auto-fill login credentials on websites saving you the hassle of typing everything.

Is LastPass Safe for Me to Use?

Based on the history of the company and users, LastPass is considered a safe app for protecting user passwords. (But nothing is safe on the internet, to be honest!) However, LastPass does use AES-256 and PBKDF2 encryption to protect your passwords from hackers or malware attacks. Also, you can either use a Two-Factor Authentication or fingerprint ID to login to your account.

Benefits

Here are some benefits of using LastPass as your password manager:

  • Encrypt all your passwords and login credentials
  • Synchronize LastPass on your supported devices
  • The user interface is simple and easy-to-use
  • Doesn’t store any user logs or information so you are anonymous
  • All the data is encrypted in transit that adds an extra security layer

How Does LastPass Keep You Safe?

LastPass is a great password manager that creates a secure database on your device (phone or computer) as an encrypted cloud. No one can access this encrypted cloud unless they have the master password. This encrypted cloud starts synchronizing with all supported devices automatically without informing anything to LastPass servers.

In this way, LastPass can help you keep the passwords safe from hackers. Always remember that you are as secure as your passwords, so use a master password that is tough for hackers to guess.

Now, let’s break down the details of how LastPass is keeping your password accounts safe.

  1. Master Password

    A strong master password is required to set up a new LastPass account. The password is also encrypted, in case the LastPass servers are hacked, so your master password would not be there in plaintext in the database.

    All you need to do is remember your master password and log into LastPass. Whenever you log into any website, LastPass’s integration with browsers and mobile devices works seamlessly, allowing you to autofill login credentials for websites.

  2. System Updates

    LastPass uses the best security practices to secure accounts by updating their systems regularly. Also, system updates can help reduce the risk of downtime or a single-point-of-failure. According to reports, LastPass is market-tested by over 43,000 companies, including Fortune 500 and leading tech enterprises.

  3. Encryption

    Encryption and decryption work seamlessly by verifying the encryption key. Once the key is verified meaning you’ve successfully entered the correct password, then only you will be able to view your passwords saved on LastPass. LastPass uses AES-256 and PBKDF2 encryption that reduces malware attacks. These encryption protocols are secure and hackers have to guess millions of passwords to break them.

  4. Two-Factor Authentication

    You can also enable Two-Factor Authentication on LastPass or a fingerprint ID for further privacy. This is another way of keeping your account safe and verified at all times. Hackers will stay away from accessing your LastPass account if you have a good protection mechanism. Multi-factor authentication can also work via a code sent to your device.

The Downside of Using LastPass?

LogMeIn, a company in the United States, bought LastPass in October 2015. As the United States is part of the Five Eyes Alliance, government surveillance agencies can access your data if they want to. This is the problem with LastPass as your privacy is at risk.

Bummer: The privacy policy states that LastPass has the right to collect your IP address, personal information, device type, or language setting. And LastPass can also share your information with the government following the national privacy laws.

It Was Hacked in 2015! But There Was No Harm Done…

Back in 2015, LastPass experienced an intrusion in their main servers. Hackers were trying to penetrate LastPass servers to steal passwords of users and other information. But good news: hackers failed in their mission to steal passwords. However, they managed to steal user email addresses, authentication hashes, and password reminders.

By using the authentication hashes, hackers can find a way to penetrate accounts. That’s why LastPass requested users to change their master passwords back when they were compromised. However, the company still asks users to regularly change their master passwords for more privacy.

If you have been using LastPass for some time or considering becoming a new user, then you must change the master password. Don’t forget to change the master password on other websites if you are making a new one for LastPass. Also, use two-factor authentication every time for signing into your LastPass account.

How to Protect Passwords if LastPass is Compromised Again

Even though hackers were unable to get any useful data after the malware attack in 2015, it is better to stay vigilant and protect your account. Don’t rely on LastPass security measures and be smart enough to protect your information on your own.

Here are a few security measures to protect you from hackers:

  • Log out of your LastPass account when not in use
  • Create a strong and complex password
  • Never share passwords on messaging apps
  • Use an antivirus software or a VPN for more privacy

Why Use a VPN for More Privacy?

Best Answer: Even if you trust LastPass to keep your passwords safe, enhancing security is always better. This is the reason why using a VPN is a good choice. You can use a VPN connection on your device to hide your IP address and protect your device data. Get PureVPN on your device and switch on the Security Mode to boost privacy. Also, you can use a VPN to hide your identity from government surveillance agencies, internet service providers, and hackers.

Another reason why you should use a VPN is that you’re going to want that added layer of security for all the sites you’re logging into after you use LastPass, to ensure that nothing is breached.

Frequently Asked Questions

  1. Is LastPass trustworthy?

    You can rely on LastPass security protocols if you are using a strong master password and multi-factor authentication. However, nothing is secure and safe online. Hackers are finding different ways to access your private data. Using LastPass or other secure apps is an easy way to protect online information.

  2. Can LastPass be hacked?

    LastPass uses AES-256 encryption that makes it nearly impossible for hackers to penetrate the main servers or user accounts. The encryption protocols are reliable as LastPass has a good mechanism against man-in-the-middle or malware attacks.

  3. Is KeePass secure?

    KeePass is also a great password manager just like LastPass. The service uses many encryption protocols like Twofish, SHA-256, and AES-256 that are high-grade and unbreakable.

  4. Who owns LastPass?

    LogMeIn bought LastPass for $125 million back on October 9, 2015. LogMeIn is a company located in the United States that works on cloud-based services.

  5. Which is better: KeePass or LastPass?

    LastPass is better because the services synchronize your passwords in all devices and have better security protocols.

Bottom Line

We hope now you know the risks of saving passwords without any protection. If you are using a single app for passwords, make sure to follow the necessary security measures as well. Don’t take your online privacy for granted.

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