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Is VPN safe for online banking? [Complete guide]
6 min. read
Updated onOctober 4, 2023
updated onOctober 4, 2023
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Online bankingis a risky business because you have to enter your login credentials and credit card info on the web. If you’re directly connected to the Internet, you might accidentally leak them and compromise your data. But you can use aVPNto stay safe.
A virtual private network creates a secure tunnel and uses it to isolate your data traffic from the public web, all thanks toencryption. In case of a man-in-the-middle attack, a hacker might obtain your data but can’t unscramble it.
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Should you use a VPN for online banking?
Yes, you should definitely use aVPNfor online banking since it makes you safer on the Internet.
Although most banks are doing the best they can to make you feel as safe as possible when making online transactions, sometimes they fail.
Internet banking is particularly dangerous during the COVID-19 pandemic when most people stay home and pay taxes or shop exclusively online. But aVPNhelps a lot.
Here are some legit reasons why you need aVPNfor online banking:
How to use a VPN for safe Internet banking
AVPNis only as good as its privacy policy. If you stumble upon a legit service with a strict, no-logging policy, that’s great! But youcan’t trust a free VPN with your data. In fact, it’s safer to use online banking without a freeVPN.
Even if theVPNprovider won’t collect your data, there are still dangers since free mobile apps are usually ad-supported. Any ad or banner to a third-party website is a door left open for malware injections. But apremium VPN is worth it.
If your bank is actually doing a good job and monitoring your account for any suspicious activity, it will flag and freeze it if you try to connect from another country. Plus, it will probably call you soon to let you know.
Clearing this issue with the bank BEFORE won’t do you any good if you keep connecting to various countries through theVPN. And it’s never a wise idea to ask your bank to stop doing this, in case an authorized user actually attempts this.
Instead, limit yourVPNserver options inside your own country. It doesn’t matter which one you use, anyway, since all bring the same level of security.
- Set theVPN‘s security settings to the max
VPNshave numerous benefits, likecircumventing geoblocksand unlocking streaming services like Netflix. But, when it comes to online banking, what you’re looking for is the highest level of security.
Set yourVPNservice to use a highly secure protocol, like OpenVPN with 256-bit military-grade encryption, WireGuard, or SSTP. Keep in mind that more encryption means a slower connection.
If you have trouble maintaining your Internet connection stable overVPN, dial it down a notch until you find the balance between encryption and speed. Whatever you do, neveruse a VPN over PPTPor L2TP because they provide low security.
Besides encryption, enable the app’s kill switch, activate its built-in ad and malware blocker, and switch to its private DNS servers, depending on what features are supported by theVPNservice (unlike encryption, they won’t slow you down).
AVPNcan’t keep your online banking account safe from illegal logins, so don’t compromise when it comes to passwords and two-factor authentication. Set a strong lengthy password made out of a random combination of uppercase and lowercase letters, numbers, and symbols (or use apassword generator).
If you have trouble keeping up with your passwords, use areliable password managerto keep track of them, especially since it’s recommended to change them often. Furthermore, check if you have two-factor authentication enabled.
Unless you use a mobile app to access your banking account, consider switching to asecure web browser for online banking. You don’t have to get rid of the current browser if you’re fond of it since you can install a new one to use for banking purposes, such asTor Browser,Brave, or Firefox.
If you want to continue using your current web browser, even if it’s unsafe, you can amp up its security level by turning to security-focused extensions likeDuckDuckGo Privacy Essentials,Ghostery,Privacy BadgerorHTTPS Everywhere.
What’s the best VPN for safe online banking?
Made by Kape Technologies,Private Internet Access (PIA)is the top-rankedVPNfor Internet banking, thanks to its excellent security features. It uses OpenVPN with up to 256-bit military-grade encryption toredirect your entire network traffic through VPN.
PIA also supports the newer WireGuard protocol. And, if you want to raise the bar, you can connect to a secondVPNlocation through Shadowsocks or SOCKS5 proxy. However, as we previously mentioned, it’s not advisable to connect to another country.
ThisVPNapp has its own ad and malware blocker for web browsers called PIA MACE, which keeps you safe fromphishingand other scams. It runs private DNS servers and cuts off your Internet access in case theVPNconnection drops to ensure your data isn’t compromised.
What else you must know about PIA:
Private Internet Access
A lot of people believe that HTTPS is enough to stay safe when making online banking transactions. Although it’s designed to provide end-to-end encryption, HTTPS is not foolproof. But you can throw into the mix a trustworthyVPNlikePrivate Internet Accessto change that.
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More about the topics:online banking,VPN
Elena Constantinescu
Windows Software Expert
Elena started writing professionally in 2010 and hasn’t stopped exploring the tech world since. With a firm grasp of software reviewing and content editing, she is always trying new things to improve her skill set.
Once in a blue moon, she steps aside from the desk to play with her bunny and to water her probably dead plants.
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Elena Constantinescu
Windows Software Expert
Elena started writing professionally in 2010 and hasn’t stopped exploring the tech world since. She’s a software reviewer and content editor.
