A woman from East Memphis says she has changed her bank card four times, but the theft is still ongoing.
MEMPHIS, Tennessee –
A warning from a Mid-South woman: Watch your bank account carefully if you use money transfer apps on your cell phone.
The woman said she has struggled with 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 it and entered my bank account,” said Dorie Peeples.
Peeples is more than frustrated. Peeples said she had a persistent problem with a thief making app withdrawals for cash, often in small amounts several times a day.
She said she didn’t realize it until the money was taken from her bank account.
While Peeples said she couldn’t tell who was stealing her, another man from Memphis said he knew who took her money.
Tiffany Chism was in Shelby County court this week charged with using a payment app to steal money from a man. Police said she worked as a security guard and the man gave her his phone to help him complete an online job application.
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“Your mobile device has become one of the most important pieces of equipment on the market. My whole life is contained in my mobile device. I would never give my mobile device to someone I don’t know, ”said Hank Word, CTO at Evolve Banking and Trust.
Just as there are a variety of money sharing mobile apps, Word has stated that there are different ways for crooks to access your information.
But there are things you can do to protect yourself.
“Everyone should research the available security options and enable them all. This is the best way to make sure that only you have access to your account,” Word said.
While money sharing apps can be handy, Word cautions that many don’t have the same protection as making a transaction through a bank.
Most peer-to-peer payment companies have ways for consumers to file complaints, but that doesn’t mean you’ll get your money’s worth.
“Because the accounts don’t look like a traditional bank account, they don’t get the same level of protection and support that the banking regulatory system offers,” Word said.
Word added that for safety, always transfer your money and don’t leave it in your app account.
“If you have money in some sort of wallet in an app and that money isn’t FDIC insured – and the app provider goes away one day over the weekend because ‘he’s got a problem – then your money can be lost at that point because it’s not insured in a bank account,’ Word said.
As for Peeples, she had to close her bank account, and start over. She hopes she will no longer be a victim.
“All of my information is locked. I have multi-step checks on every app. I literally had to change my passwords on everything.”