Why Public Wi-Fi and Banking Don’t Mix

Public Wi‑Fi is convenient and widely available, making it a popular choice when we're away from home or the office. But when it comes to relying on it to access sensitive data, including financial information, convenience comes with risk.

Cybercriminals exploit public Wi-Fi networks to steal our information, trick us into downloading malicious software and, far too often, defraud us of our hard-earned money. Whether you're checking your account balances, paying your bills or shopping online, it's important to understand the risks before you connect.

What makes public Wi‑Fi risky?

Public Wi‑Fi networks are easy to access, and that ease makes staying connected on the go attractive. What could go wrong? A lot. This same easy access makes these networks a target for fraudsters.

In some cases, cybercriminals may attempt to:

• Create fake Wi‑Fi networks that appear legitimate.
• Redirect you to fraudulent login pages.
• Prompt you to download fake software updates.
• Collect your usernames, passwords and personal information.
• Exploit unsecured connections to gain access to your sensitive data.

Because public networks are shared by many people, it can be difficult to verify that you're connecting to a trusted network. This doesn’t mean you shouldn’t use public Wi-Fi, but being aware of the risks can help you decide how and when to safely use it.

Want more ways to protect yourself? Read our blog Staying One Step Ahead of Cyberthieves.

Is it safe to bank on public Wi‑Fi?

When it comes to financial activities, my advice is to never use public Wi-Fi for the following:

• Mobile banking
• Paying bills
• Online shopping
• Accessing retirement or investment accounts

For business owners and employees, the list grows:

• Processing payroll
• Initiating and approving wire transfers
• Accessing and using your accounting software
• Reviewing customer information
• Managing financial records

Lastly, if an activity involves passwords, financial data or confidential business information, I strongly suggest you hold off until you can be sure you’re on a secure connection.

What are secure connections?

To conduct financial activities, choose a more secure alternative:

Use your cellular connection

Mobile data connections are considered a safer option for financial tasks than public networks.

Create a personal hotspot

Many smartphones allow you to create your own dedicated hotspot to host your other devices like laptops and tablets. This is an option for a secure connection while traveling. If you’re unsure if hosting a hotspot is included in your mobile plan, call your carrier.

Wait for a trusted network

If a task isn't urgent, consider waiting until you're back at home, in the office or connected to a secure network.

Use a VPN

If your employer provides a Virtual Private Network, commonly referred to as VPN, use it when accessing your company systems remotely. A VPN encrypts your internet connection and routes your activity through a secure server, adding an additional layer of protection. 

Want more tips? Read our blog Cyber Hygiene: What Is It? And 5 Things to Know About It.

What are the warning signs of a risky Wi‑Fi network?

Whether you're at a hotel, airport or coffee shop, watch for signs that something isn't right. Be cautious if you encounter:

• Unexpected requests to download software
• Pop-ups asking you to install updates
• Requests to install security certificates
• Browser security warnings
• Unexpected login prompts

As a general rule, a public Wi‑Fi network should not require you to install software or certificates simply to get online. If something feels suspicious, trust your gut and disconnect.

How can you protect yourself online?

Activities like scrolling social media, streaming your favorite shows or reading the news are safe on public Wi-Fi. But there are habits you should build to help protect yourself when online:

Keep your devices updated

Always install security updates and patches promptly to safeguard against known vulnerabilities.

Use multifactor authentication

Whenever available, enable multifactor authentication for an extra layer of security.

Create strong, unique passwords

Avoid reusing passwords across multiple accounts—especially for mobile banking—and consider using a password manager.

Monitor your accounts

Review account activity regularly (I suggest doing this daily for peace of mind) and report suspicious transactions to your financial institution immediately.

Sign up for account alerts

At Banner, if you’re enrolled in online banking, you can sign up for Account and Security Alerts to monitor recent transactions, low balance alerts and unauthorized access. 

Lock your devices

Choose the most sophisticated security options available to you to protect your phones, tablets and laptops, including passwords, PINs and biometric authentication.

Avoid entering sensitive information on public networks

When in doubt, wait to perform financial activities until you have a secure connection. 

Use caution before you connect

When it comes to banking and other money management tasks, the safest choice is often the simplest one: use a more secure connection or wait until you're on a trusted network. Taking a few extra minutes today can protect your personal and financial information tomorrow.