MEMPHIS, Tenn. —
A warning from one Mid-South woman: watch your bank account closely if you use money transfer apps on your cell phone.
The woman said she has been battling cash app thefts for the past four months, and she is not alone. Thieves are finding all sorts 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 beyond frustrated. Peeples said she has had an ongoing problem with a thief somehow making cash app withdraws, often small amounts several times a day.
She said doesn't realize it until the money is taken from her bank account.
While Peeples said she can't figure out who is stealing from her, another Memphis man said he knows who took his money.
Tiffany Chism was in Shelby County court this week, accused of using a cash app to steal money from a man. Police said she was working as a security guard and the man had given her his phone to help him fill out an online job application.
"Your mobile device has become one of the most important of equipment out there. My entire life is contained within my mobile device. I would never give my mobile device to a party I did not know," said Hank Word, Chief Technology Officer at Evolve Bank and Trust.
Just like there are a variety of different money sharing mobile apps, Word said there are a variety of different ways scammers can access your information.
But there are things you can do to protect yourself.
"Everyone should investigate what security options there are and turn all of those on. That’s the best way you can ensure only you have access to your account," said Word.
While money sharing apps may be convenient, Word cautions many don't have the same protection as making a transaction through a bank.
Most of the peer-to-peer payment companies do 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 are not offered the same level of protection and support that the banking regulatory system provides," said Word.
Word added that to be safe - always transfer your money out, and don't leave it in your app account.
"If you have money sitting in some sort of wallet in an app and that money is not FDIC insured - and then the app provider goes away one day over the weekend because they are having some sort of issue - then your money can be lost at that point because it’s not insured in a bank account," said Word.
As for Peeples, she had to close her bank account, and start new. She hopes she won't be victim again.
"All my info is locked. I have multi-step verifications on every single app. I have literally had to change my passwords on everything."