[Blog] How to Secure Your Financial Operations with VPN

Online banking is incredibly convenient for performing financial operations. A few taps on your phone and money is zipping through cyberspace, bills are paid. But have you considered how vulnerable that data is as it travels to and from your accounts? Hackers are constantly trying to access financial information, and they've gotten pretty good at it. Using a VPN, or virtual private network, when you bank online helps keep your data secure and shields your accounts from prying eyes. A VPN encrypts all the information you send and receives online, hiding your activity and location. So you can confidently do financial operations and online banking knowing your accounts and personal information are locked up tight. Keep reading to learn why a VPN is so important for safe financial operations, and how to choose a VPN provider you can trust.

Why Use a VPN for financial operations?

Using a virtual private network or VPN for financial operations is just smart. Here are a few reasons why:

Privacy

A VPN encrypts all the data sent between your device and the bank’s website. That means nosy hackers won’t be able to see your account numbers, passwords or transaction details.

Security

VPNs hide your real IP address and location, masking your identity. So cybercriminals won’t know who or where you are to target you. They also help prevent man-in-the-middle attacks where thieves intercept your data.

Public Wi-Fi protection

Anyone can see what you're doing when you use unsecured public networks at places like coffee shops. A VPN secures your connection so you can bank safely no matter where you are.

Location spoofing

Want to access your bank’s website when traveling abroad? A VPN can make it appear you're connecting from your home country. Some banks block access from foreign locations, so a VPN gets around that.

How is MTiM attack a threat for financial institutions?

Performing financial operations makes you an easy target for hackers? One of the biggest threats is a Man-in-the-Middle (MiTM) attack.

With a MiTM attack, hackers position themselves between you and your bank’s website. When you login to your bank account, the hackers intercept your information like account numbers, passwords, and social security number. Then they can use that information to steal your money or open new accounts in your name.

Issues with financial operations and online banking

Using a VPN for financial operations and online banking is crucial to protect your sensitive financial information. Without a VPN, you’re vulnerable to issues like:

Data breaches

When you log into your bank’s website, your login credentials and other personal details are transmitted over the internet. Unfortunately, hackers constantly monitor unencrypted internet traffic, looking for valuable data like bank logins to steal.

Public Wi-Fi threats

Connecting to public Wi-Fi networks is very risky for banking. The network is open, meaning anyone nearby can see what websites you visit and capture your login details.

Verification of transactions

Some banks use your location to verify logins and transactions. Without a VPN, your real IP address gives away your location. Hackers can spoof your location to trick your bank into thinking you’re logging in from home.

How a VPN Protects Your Financial Information?

Using a VPN is one of the best ways to keep your financial information safe when banking online. Here’s how it protects you:

Encrypts Your Internet Connection

A VPN encrypts all the data sent between your device and the VPN server. This means that even if someone was monitoring your internet activity, they wouldn’t be able to see what you’re doing or access sensitive details like account numbers, passwords or social security numbers.

Hides Your Real IP Address

When you connect to a VPN, you’re given an anonymous IP address that masks your actual location and identity. The websites you access will only see the VPN’s IP address, not your own.

Blocks Malicious Websites

Many VPN services block connections to known phishing websites, malware sources and other malicious content. This helps prevent you from accidentally clicking links or downloading software that could compromise your financial information.

For financial operations and banking, choose a good VPN provider in your own country for the fastest speeds. AstrillVPN is a popular choice for secure banking that shields your internet connection as it uses SSL 256-bit military-grade encryption. When connected to AstrillVPN, all of your internet traffic is encrypted and routed through their servers, masking your IP address and location.

This makes it nearly impossible for hackers to see what websites you visit or access your account numbers, passwords and other sensitive data.

A notable financial cybersecurity attack in 2022

One of the largest financial cybersecurity attacks in 2022 involved over 4 million customer records being stolen from a major U.S. bank. The data breach happened after hackers exploited a bank’s online banking portal vulnerability.

How They Gained Access?

The hackers got in by using stolen login credentials to access customer accounts. Once inside, they installed malware that scraped sensitive data like names, addresses, account numbers, and Social Security numbers from the system. The malware went undetected for months, giving the attackers plenty of time to steal millions of records without being caught.

This alarming data breach highlights why using a virtual private network, or VPN, is so important for financial operations and managing your finances. As cyberattacks become more advanced and data breaches more common, a VPN is necessary to help safeguard one of your most valuable assets. Staying vigilant about cybersecurity and enabling a VPN whenever banking online can help prevent you from becoming the next victim of a massive financial data breach.

Tips for safe financial operations

Use a VPN

A VPN encrypts all the data transmitted between your device and the website you're accessing. This makes it much harder for hackers to steal your login credentials or account numbers. With a VPN, your online banking and transactions become anonymous and secure.

Choose a Strong Password

Pick a password with at least 12 characters, a mix of letters, numbers and symbols. Don’t reuse the same password across sites.

Enable Two-Factor Authentication

Two-factor authentication, or 2FA, adds an extra layer of security for logging in. It requires your password and a code sent to your phone or an authentication app. Enable 2FA on your banking website and any other sites that offer it.

Be Wary of Phishing Emails

Phishing emails try to trick you into entering your login or account information on spoofed websites. Never click links or download attachments from unsolicited messages.

Monitor Accounts Regularly

Check your accounts at least once a week for unauthorized charges or other suspicious activity. Report anything fraudulent to your bank immediately. Monitoring accounts frequently is one of the best ways to detect fraud early and limit losses.

Consider a Dedicated Device

If you do a lot of online banking or manage investments, use a dedicated computer or device just for that purpose. This limits the risks of any malware infections on other devices used for general web surfing.

Following these safety tips will help ensure your online banking experience is secure, giving you peace of mind and protecting you against fraud or financial loss due to cybercrime.

Conclusion

So there you have it, the top reasons why using a VPN is critical for your financial operations’ security. Take your time with your hard-earned money and sensitive financial data. You can sleep better at night knowing your accounts are locked up tight behind an encrypted VPN connection for just a few dollars a month. Make the smart choice and sign up for VPN service from a reputable provider today. Your future self will thank you, especially if there's ever a data breach at your bank or credit union.