Is Online Banking Secure?
Information pertaining to bank can be considered to be most sensitive. Financial transactions now can be handled online as you are aware but along with it comes the threats. Internet is a very scary place and to tackle hackers, cyber criminals, snoopers online sessions of banking domain should always be encrypted. But recent reports suggest otherwise. Many security flaws have been detected in the banking websites. So using a VPN for online banking is necessary even if SSL padlock is visible on the search bar. As per analysis of Edward Wall, a computer science student of Swansea University, even some biggest financial institutions have not on boarded recommended technologies for secure online transactions. Let’s dig deeper. Also read our post on A Review On VPN Protocols to know more about VPN security.
Security Flaws Of Online Banking Websites
Wall’s research suggests that some British banks are still using outdated encryption which poses a greater risk to customer security.
1. Sainsbury’s Bank
5. Co-operative Bank
When measured on a scale of 0-100 highest rated banks like Virgin Money were rated 53 out of 100 whereas the lowest rated banks like Co-operative Bank just scored 12 out of 100. These results show that banks are not up to date for implementing best security practices. Just in case if banks use the old TLS handshake protocol which has known security vulnerabilities, like HeartBleed, poses a higher risk to the end customer. The user is more likely to be the victim of man-in-the-middle attacks. Although the card payment transactions should be in compliance with PCI DSS by June 30, 2018, there are many aspects that need to be updated.
Online Banking Made Secure With VPN
You need to take preventive measures from your end as well in order to continue online transactions. Firstly, always update your browsers and operating systems to the latest available version, as many patches are continuously updated by the teams to fix security flaws. Secondly, and most importantly always perform online banking with VPN. You cannot depend on your banking website to encrypt your online transactions, installing a VPN would not only encrypt your online transactions but also encrypts your entire internet traffic.
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