Our financial habits have evolved in the digital world that we live in. From investing to paying bills, we do most of our transactions online. To safeguard your financial information and, consequently, your money from hackers, keep in mind that you should adhere to fundamental cybersecurity guidelines. One such guideline that can help in safeguarding your financial transactions is the use of a free VPN.
Do I Need a Free VPN for Online Transactions?
The quick answer to this question is yes, you need to download a free VPN for secure online transactions.
Statistics of online financial transactions show:
- 71% of consumers prefer to manage their bank accounts through a mobile app or a computer.
- 30% of customers who don’t use online banking refuse to do so because of security concerns.
- Over 2500 bank branches were closed in the USA in 2023 due to the growth of digital banking.
The largest group of mobile banking adopters are millennials and Generation Z, which proves that the trend of conducting all possible transactions online will remain with us and will only grow. This will lead to more and more branches being closed, which means that we need to take care of the security of online transactions today. Soon, customers who refuse to use online applications may be forced to do so due to the lack of physical bank branches.
The majority of financial apps encrypt your transactions, including trustworthy payment processors and online banking. They value user security and safeguard your information to reduce both financial and reputational risks.
Therefore, your risks are mostly related to the safety of the Internet connection you use to log in to the financial application. If you use an unprotected Wi-Fi network to access your bank’s app, the attackers may obtain your credentials and utilize your funds for their gain. Therefore, the purpose of using a VPN is to protect your data at the stage of logging into a financial application, before the security mechanisms inside the application start working to protect you.
While your Internet connection is safe thanks to the VPN, don’t overlook other security measures. The FBI claims that hackers are also producing fraudulent applications that mimic the official apps of significant financial institutions to fool users into entering their login information. One of the fastest-growing areas of smartphone-based fraud was uncovered in 2018, with around 65,000 fraudulent applications found in major app stores.
So don’t forget the basic rules of cybersecurity. Be cautious about the apps you install, download them only from official app stores, and use two-factor authentication and strong passwords.
How Does the Free VPN Work?
Free VPN is a technology that redirects your incoming and outgoing traffic through a remote server. Before the data package is transferred, it is encrypted to ensure secure transmission. The outgoing data is decrypted only on the selected VPN server to be forwarded to the final recipient. Incoming data, on the contrary, is encrypted on the VPN server and decrypted only on your device. Thus, even if your data is somehow taken over, attackers will not be able to read it.
An Internet Protocol address, or IP address, is a special number that is used to identify devices in networks. An IP address allows one to find out a lot of information about a user, including his or her physical location. When connecting to a free VPN service, users have several servers to choose from, located in different parts of the world. By connecting to a remote VPN server, the user automatically hides his IP address and displays the IP address of the selected server instead. This way free VPN allows you to remain anonymous online, prevents you from being tracked, and prevents third parties from determining your location.
When I Need to Use Free VPN to Secure Online Transactions?
We recommend using a free VPN every time you are online, especially since it does not entail additional costs. In the following situations, using a VPN is imperative for financial transaction security:
1. When connecting to public Wi-Fi networks.
If you need to conduct a transaction on the go and decide to connect to a public Wi-Fi network, be sure to use a free VPN. Such networks are a godsend for fraudsters, who often create free Wi-Fi networks by hiding them behind familiar names of businesses with the sole purpose of taking possession of your data. So make sure you have installed the VPN on your mobile devices to always have secure access to your financial accounts.
2. When you go on vacation.
Since you’ll probably use public Wi-Fi when traveling, you should get a VPN to safeguard your data.
Furthermore, should you inadvertently neglect to inform your bank of your trip, they can see your access to online banking from a foreign nation as suspicious and restrict you from accessing your account until the issue is addressed. In such a situation, avoid using your card offline. For online transactions, connect to the VPN and choose a server located in your home country. This way, your bank will not suspect anything and you will retain access to your funds.
3. When at home.
Although home Internet networks are considered relatively secure, ISP monitoring carries risks. They typically collect, analyze, aggregate, and interpret information about you, and in some countries, have the legal right to sell it. Usually, such information has to be anonymized before being sold, but this possibility makes people want to hide their online activities from ISPs. Therefore, by connecting to a VPN, even at home, you will prevent your actions and financial decisions from being tracked.
How to Choose a Free VPN for Online Financial Transactions?
An outline of the crucial factors to consider when choosing a free VPN for online financial transactions:
Security. The main goal of utilizing a VPN is digital security. To make an informed decision, familiarize yourself with the encryption techniques used by VPN providers.
Privacy. Choose a free VPN that adheres to a strict no-log policy. This means that the VPN provider will not store or request any information about you. To find out exactly how the VPN provider treats your data, read the privacy policy.
Compatibility. Make sure the VPN provider you choose has a VPN solution for different devices. Does it have an add-on for your browser, a VPN for Mac, or a free VPN app for IOS?
As for the wide network of servers, it does not play a role if you choose a VPN to protect financial transactions. The key is to have an accessible server located in your home country. Other servers spread around the world will not be of any use to you in terms of online transactions. This is an important advantage for those who manipulate how third parties determine their location, such as gamers.
When using a free VPN to protect financial transactions, always choose a VPN server located in your home country. This way, the financial service provider will not have any suspicions about your spontaneous change of location.
Summarizing the above, a free VPN will help you conduct financial transactions securely, keep your login credentials for financial apps confidential, and encrypt your data for secure transmission. Choose your VPN responsibly, don’t blindly click on the “I agree to the terms of use”, and the VPN will become your reliable friend in the world of the Internet.
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