An East Memphis woman says she changed her bank card for some time, but the theft is still happening.
MEMPHIS, Tennessee –
A warning from a Middle South woman: watch your bank account carefully when using money transfer apps on your phone.
The woman said she has battled cash app theft for the past four months and is not alone. Thieves find all kinds of ways to steal your money.
So what can you do to protect yourself?
“Somehow they hacked into it and got into my bank account,” said Dorie Peeples.
Peeples is more than frustrated. Peeples said she has an ongoing problem with a thief who somehow withdraws cash apps, often small amounts several times a day.
She said she didn’t realize it until the money was withdrawn from her bank account.
While Peeples said she couldn’t find out who passed her, another Memphis man said he knew who took his money.
Tiffany Chism stood before the Shelby County Court this week on charges of stealing money from a man using a cash app. Police said she was working as a security guard and the man gave her his phone to help him fill out an online application.
“Your mobile device has become one of the most important devices on the market. My whole life is in my mobile device. I would never give my mobile device to a party I didn’t know,” said Hank Word, chief technology officer at Bank and Developing Trust .
Just like there are a variety of different mobile money sharing apps out there, Word says there are different ways that scammers can access your information.
But there are things you can do to protect yourself.
“Everyone should investigate what security options there are and enable them all. It’s the best way to make sure that only you have access to your account, ”said Word.
While money-sharing apps can be convenient, Word warns that many don’t have the same level of protection as a transaction through a bank.
Most peer-to-peer payment companies have ways for consumers to file complaints, but that doesn’t mean you will get your money back.
“Because the accounts are not like a traditional bank account, they don’t get the same level of protection and support that the banking regulatory system offers,” said Word.
Word added that to be sure – always transfer your money out and don’t leave it in your app account.
“If you have money in some kind of wallet in an app and this money is not FDIC-insured – and then one day the app provider goes away for the weekend because they have a problem – then your money can be lost at that point in time because it’s not insured in a bank account, “said Word.
Peeples had to close her bank account and start over. She hopes she won’t be a victim again.
“All of my information is locked. I have tiered verifications for every single app. I literally had to change my passwords for everything.”