Online banking is one of the sensitive things we do while online, you would want you account information and bank balance secure. Many Ugandans have found themselves installing several VPNs in order to access social media, YouTube and other blocked services.
Centenary Bank has come out to warn its users against using VPNs while accessing online banking services. They have cited possible information leaks to third party applications that will compromise your private data. This means the bank has no way of protecting its users in case of fraud.
The bank is right is certain aspects, if you’re using a VPN for online banking and you keep switching your server location, it’s almost a guarantee that your bank will notice. Choose a server location, and stick with it. That way, your bank won’t freak out, and it won’t seem like you’re unexpectedly traveling the world.
Your best option is to connect to a server in the same country but this not an option for Ugandans they only have to temporarily turn off VPN when doing online banking. If your bank blocks one of your transactions because they think it’s fraud, you can always call them and let them know it’s you.
It also a known fact that online banking is safer when you use a VPN because your information is encrypted. Instead of connecting straight through the public Wi-Fi, the VPN allows you to access the internet through an encrypted “tunnel.” The VPN tunnel gives you the ability to use the internet with more freedom, privacy, and safety. Once your data travels through another server, it cannot be traced. And if there’s any info you don’t want cyber criminals tracing, it’s your banking information.
Even though a VPN will help protect your privacy considerably, a VPN cannot guarantee that you won’t be hacked. Whenever you do online banking (whether you have a VPN or not), make sure you use a secure password and practice good internet safety habits. If your banking password is the same as your Twitter or Facebook, and your Twitter gets hacked, your banking information is also compromised, this unlikely for banks that have two-factor authentication in place.
Are you using VPN while accessing your banking information? Will you continues using it? Let us know in the comment section below.
