September 21, 2023
How to Protect Against Fraud: Essential Top Tips
With the rapid growth of mobile banking and digital financial services in Somalia, it's more important than ever to protect yourself from fraud. At Salaam Somali Bank we want to ensure that our customers have the tools they need to stay safe while banking. Here are five key tips to protect your money and personal information.
1. Keep Your PIN and Password Private
Your PIN and password are personal and should never be shared with anyone—not even with close family or friends. Scammers often pose as bank employees or send fake messages claiming to offer prizes or urgent financial services. Always verify any communication with your bank directly before acting on it.
Example:
You receive a message claiming you’ve won a cash prize, asking you to provide your PIN to claim it. This is likely a scam. Remember, your bank will never ask for sensitive information like your PIN or passwords via SMS.
2. Use strong passwords and enable two-factor authentication
Using two-factor authentication (2FA) for online or mobile banking offers stronger protection for your account. This feature requires a second form of verification, such as a code sent to your phone, making it harder for fraudsters to gain access, even if they know your password.
Example:
You are setting up your mobile banking app and enable two-factor authentication, so even if someone tries to log in with your password, they’ll still need a code that’s sent to your phone.
3. Check Your Transactions Regularly
Check your account activity frequently. By regularly reviewing your transaction history, you can quickly spot any suspicious activity and report it to the bank or service provider.
Example:
You notice a transaction on your bank account that you don’t recognize. Contact your provider immediately to report potential fraud.
4. Use Secure Connections When Banking Online
Whenever you access your online banking make sure you are using a secure and trusted connection. Avoid using public Wi-Fi, such as in cafés or markets, which can expose your account to hackers. Instead, rely on mobile data or secure home connections.
Example:
You want to transfer money to a family member but are using public Wi-Fi. It's better to wait until you have a secure connection or use your mobile data to complete the transaction safely.
5. Set Spending Limits and Alerts
One proactive way to protect your finances is by setting spending limits and enabling transaction alerts on your banking apps. This way, you’ll be notified immediately of any unusual activity and can take action quickly. These alerts will help you monitor your account in real time and prevent potential fraud.
Example:
You set a daily spending limit on your bank account. One day, you receive an alert that the limit has been exceeded. This could be a sign of fraud, prompting you to check and secure your account.