Tools Every Bank Customer Needs to Stay Safe Online

Cyberattacks can strike any bank, no matter how strong their defenses. The damage from a breach isn’t limited to financial losses either; it leaves customer trust worse for

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In May 2024, the Evolve Bank & Trust breach exposed over 7.6 million accounts — the largest bank data breach of the year. The ransomware group Lockbit breached the bank’s systems and stole sensitive customer data, including Social Security numbers, account details, and contact information.

Statements from the bank revealed that partner information may have also been compromised. Following the breach, technology firms like Mercury, Wise, and Affirm notified their customers. The Evolve Bank attack, along with many others in 2024, stresses how difficult it has become to keep customer accounts secure — a problem that’s only set to grow in 2025.

Cyberattacks can strike any bank, no matter how strong their defenses. The damage from a breach isn’t limited to financial losses either; it leaves customer trust worse for the wear. Offering credit monitoring and identity theft protection after a breach are good steps. But proactive tools that cinch the risks leading to breaches are an even smarter way to protect customers.

Tools like VPNs, password managers, and identity theft monitoring can place extra protection on customer accounts. Offering these also positions you as a forward-thinking organization that values customer security and privacy. Any proactive tools you offer shows that you appreciate this risk. It also can build trust and grow revenue long-term.

How Could Your Customer Accounts Be At Risk?

Bank customer accounts are some of the easiest targets for cybercriminals. They’re often after personal details or credit card numbers and tend to focus on accounts with weaker security.

The most common risks include using weak passwords, connecting to public Wi-Fi, falling for phishing scams, or being affected by data breaches.

1. Weak or reused passwords

Weak passwords leave accounts vulnerable to brute force attacks, credential stuffing, and automated cracking tools. They’re often too simple or rely on common words, which makes them easy to guess. Although longer passwords provide some protection, adding complexity — like mixing letters, numbers, and symbols — is even more critical for security.

Reusing passwords is another common risk, but third-party breaches can also expose sensitive accounts. For example, in 2020, hackers used stolen credentials from a tax preparation company to access Canada Revenue Agency (CRA) accounts. With these credentials, they changed direct deposit information, submitted false tax returns, and pocketed millions in refunds. This wasn’t a classic credential stuffing attack; however, it demonstrates how weak links in third-party systems can lead to larger breaches.

2. Phishing scams

Phishing scams are still effective because they take advantage of human error on a large scale. Cybercriminals send emails with malicious links, knowing it only takes one person to click. The Evolve Bank breach, for example, began when an employee clicked on a phishing email, giving the ransomware group access to the bank’s systems. 

3. Public Wi-Fi risks

Public Wi-Fi networks are inherently less secure because they are open to all users. Data sent over these networks, especially if not encrypted, can be intercepted using tools like packet sniffers — hardware or software used to monitor network traffic.

Another common tactic uses an “evil twin” network — a fake access point made to look legitimate. Many public spaces, such as airports and coffee shops, are vulnerable to this type of attack. These spaces often outsource their free Wi-Fi services to third-party providers (New York’s JFK uses Boingo, for example), which only complicates network security.

4. Data breaches

If phishing scams and public Wi-Fi risks target individuals, data breaches zero in on the systems themselves. These attacks can expose large amounts of sensitive customer data. For example, during the Evolve Bank breach, Summit National Bank in West Virginia also suffered a breach affecting over 10,000 accounts. These breaches show that even well-defended systems are vulnerable. 

How Banks Can Make Online Security Easier for Their Customers

Banks are trusted to protect customer accounts, and the right tools can help strengthen that protection. VPNs secure data during online transactions, identity theft protection monitors for risks like stolen credentials, and password managers help customers create strong, unique passwords. Together, these tools make online banking safer.

VPNs for secure online transactions

Virtual private networks (VPNs) add a critical layer of security to network traffic by encrypting data as it travels between devices and servers. Even if someone intercepts this traffic, the encryption prevents them from reading the information.

VPNs are widely used by remote employees to securely access corporate systems. For banking customers, VPNs provide a safe way to connect to bank accounts and other sensitive sites, especially when using public Wi-Fi networks. By encrypting data, VPNs reduce the risk of attackers stealing login credentials or financial information.

Identity theft protection

Identity theft protection monitors sources for signs of compromised data, such as stolen credentials on dark web forums or unusual credit bureau activity. It also tracks suspicious transactions to identify fraudulent purchases early.

Real-time alerts notify customers and banks about potential threats as they happen. These updates help protect customer data and let you take action against unauthorized access.

Password managers for stronger account security

Password managers do more than store passwords; they help customers create stronger, safer ones. They generate credentials using a mix of letters, numbers, and symbols, or passphrases made up of unrelated words, like “forest-bird-candle.” Passphrases are also easier to remember.

These passwords and passphrases are stored in an encrypted vault, protected by a single master password that only your customer knows. By creating unique credentials for every account and preventing password reuse, password managers make security simple. They also make logging in across devices effortless.

Where Pango Comes In

Pango helps businesses provide stronger security for their customers. With tools like a VPN for safe browsing, identity theft protection with real-time alerts, and a password manager for creating strong credentials, Pango delivers practical tools to protect sensitive information.

Flexible options like SDK integration and white-label solutions make it easy to include these tools in your offerings. With over 20 years of experience, Pango is a trusted partner for businesses looking to improve security and build customer trust.

Learn how Pango can help protect your customers and strengthen loyalty. Contact us to get started.

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