Best VPN for Banking Secure Transactions from Security Risks

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In the past 10 years the volume of financial cybercrime has increased exponentially. In 2013, Reuters.com reported that a single ring of cyber criminals stole approximately $1 billion from more than 100 financial institutions across 30 countries.

I am not a fear monger trying to scare you. I’m here to give you a solution that will ensure your online security when shopping, banking, transferring funds and using your financial information online for other needs. A VPN for online banking ensures that online transfers, purchases, social media activities and all other activities are secured every step of the way.

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These are top-tier VPN providers that provide heavy duty encryption and are compatible with all devices and operating systems including smartphones, tablets PCs and Macs running on Android, Windows, iOS, Linux, etc. These all-purpose VPN services are ideal for online banking security needs – particularly in light of the push-over cyber defense mechanisms that today’s banks seem to have in place.

The So Called Banking Security Framework

Most financial institutions in the developed world have established IT security frameworks for inter-banking and customer banking needs. Irrespective of this fact, GoGulf.com a detailed statistics in an info-graph that estimates a colossal $120 billion in cybercrime losses by 2017.

Banking institutions claim HTTPS secure web pages, encrypt transfer activity, put up firewalls and allow for two step verification for their online banking services. While all of this is true, there is not much a bank can do if their own network is infected with malware and Trojans. This way hackers can identify prominent accounts, high volume trading companies and clients who make large scale transfers frequently.

Stats of Bank Fund Fraud Cases Loss and Recovery - that you can avoid using a Banking VPN.jpg

Stats of Bank Fund Fraud Cases Loss and Recovery

How Banking VPN Help Secure Online Activity

A VPN, in essence, was merely a remote connection software meant for businesses who wanted employees to access the work network from a different country, city or locale. Lately, VPN services have taken the form of security tools designed to protect user data, personal identity and information transfer over public/private wireless networks.

In a survey by the New York State Department of Financial Services (May 2014), 154 financial institutions were sampled to establish how secure, prepared and capable their IT security frameworks were to handle cyber criminals. When asked about the top barriers against ironclad online security, a large number of the 154 organizations responded that cyber criminals were using highly sophisticated malware to steal money and information.

A Virtual Private Network enhances security by linking (or tunneling) your connection to a foreign VPN server. For example, I reside in Cardiff and connect with a VPN to a server based in the Netherlands. This will ensure that all my traffic is routed through the Dutch server and my IP address will be reassigned to one that belongs to the Netherlands.

Pro-Tip: One very crucial step to take before banking online under the security coverage a VPN is to inform the bank’s customer services that you will be using encryption tools to access their service.

Using a Banking VPN for Identity Protection

The first benefit of using banking VPN is that it will always hide your local IP address and replace it with one from the host server usually based abroad, even in case of a local server you will be assigned an IP address from another city.

A tunneling protocol complements encryption by routing all traffic through a secured tunnel once it is ciphered and sent through the servers of the banking VPN service. This is easily demonstrated by the following diagram. Essentially, all your traffic is sent through the encrypted VPN tunnel and then forwarded to the global internet from there. Cyber threats, government surveillance programs and ISPs will not be able to see anything beyond the connection with the VPN server.

 

Bank in Privacy with a Banking VPN

Secured VPN online banking also hides your entire web activity ensuring no one, and I mean no one, can access your surfing history and the information you transferred during those sessions. This is achieved through encryption algorithms and tunneling protocols that are the backbone of a VPN for banking.

Encryption algorithms are used in banking VPN tools to ensure that whatever is being transmitted to and from your devices is encoded in combinations of binary numbers (0 and 1). The ciphering or coding depends on the key standard used, which can vary between 128, 192, 256, 1024 and 2048 keys. Your data is then decoded at the destination using the same encryption algorithms.


A 128 bit key would mean that your financial and personal details will be encoded using the statistical possibilities equal to 2128 (equates to 3.4028236692093846346337460743177e+38 with a calculator). What these numbers mean in simple language is that the person who steals your data will have to go through more than a zillion combinations to decode your information (it takes the fastest supercomputer in the world to do this in approximately 5 years).

Conclusion: Keep Calm and Bank Online with a VPN

The use of Trojans, phishing email, network DDoS attacks and man-in-the-middle techniques utilized by cyber criminals are only a few examples of how financial information is stolen from banks, organizations, and home users like you and me. A banking VPN is not only helpful for banking but also for using social networks, email and unblocking geo-restricted streaming services across the world. Read through our best banking VPN reviews, trial a few services and take your pick to bank online from anywhere in the world.

Amongst the many VPN providers available today, you will find many other benefits in the best VPN for banking. These include DDoS attack prevention, NAT Firewall Protection, and protection of financial information on multiple devices with one account.

Ameer Abbas

Ameer Abbas is a writer with a keen interest in information technology and presents a critical point of view in his writing. Ameer takes interest in outdoor sports, geo-political affairs and finance. Apart from being an athlete and swimmer he also enjoys online gaming.

3 thoughts on “Best VPN for Banking Secure Transactions from Security Risks

  1. Wow, awesome blog layout! How long have you been blogging
    for? you make blogging look easy. The overall look
    of your web site is fantastic, let alone the content!

  2. Should you enable your VPN 24/7? Or do online banking with VPN enabled while at home WiFi network or own mobile data connection?

    • Just case you live in either USA, UK, Australia, Germany, France, Sweden, Italy, New Zealand or China keep the VPN on all the time, and keep the auto-connect feature activated. They are constantly monitoring people so the best way to avoid it all is doing just that, and you will be able to utilize your VPN to the fullest when its always on.

      When you are banking online ensure you have VPN on, there is no better security. Europe and the US are the most hacked locations on Earth when it comes to financial cyber-crime. The banking process might get slow but you will be assured even the government or your ISP cant get access to what you are doing let alone hackers.

      Hope this helps, just message again if you need help.

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