CFPB Orders Operator of Cash App to Pay $175 Million and Fix Its ...
1 day ago · – Today, the Consumer Financial Protection Bureau (CFPB) ordered Block, the operator of the peer-to-peer payments app Cash App, to refund and pay other redress to consumers up to $120 million and pay a penalty of $55 million into the CFPB’s victims relief fund. Block employed weak security protocols for Cash App and put its users at risk.
Block, Inc. | Consumer Financial Protection Bureau
1 day ago · On January 16, 2025, the Bureau issued an order against Block, Inc. (Block), a nonbank headquartered in Oakland, California which operates Cash App, a mobile payments application through which consumers can send and receive money through peer-to-peer transfers.
Cash App owner to pay up to $175 million for failing to protect ...
10 hours ago · Block, the parent company of popular online payment service Cash App, has been ordered by a federal agency to pay as much as $175 million because of repeated failures by the financial services ...
Cash App parent company to pay up to $120 million to fraud …
8 hours ago · Cash App ordered to pay up to $120 million to harmed customers. What we know: The CFPB said Block is required by law to investigate and resolve disputes about unauthorized transactions, and the ...
US CFPB fines Cash App-parent Block over insufficient fraud …
1 day ago · CFPB says Block deployed weak security protocols on Cash App Block ordered to pay up to $120 mln as compensation, $55 mln penalty Company says it disagrees with regulator's 'mischaracterizations'
CFPB orders Cash App to pay $175 million for fraud failures
8 hours ago · For years, Block failed to provide any live customer service agents for Cash App, which prevented customers from having their fraud issues addressed and led some customers to websites run by fraudsters posing as Cash App representatives. The CFPB said that Block engaged in deception by misrepresenting that it protected consumers from ...
CashApp Fined $175 Million for Not Stopping Fraud. Find Out if
1 day ago · The CFPB ordered Block to update its business practices to comply with the law, pay between $75 and $120 million to users whose unauthorized transfers weren't investigated and send a $55 million ...
Block agrees to pay up to $120 million in refunds to resolve Cash App …
1 day ago · According to the CFPB, Cash App has more than 56 million accounts, with Block generating more than 50% of its gross profit in 2023 from the payments app. While Block started with the point-of-sale ...
CFPB fines Block $175m over Cash App's lax fraud controls
1 day ago · The Consumer Financial Protection Bureau (CFPB) announced today that's it's fining Block, the creator of Cash App and parent company of Square, $120 million in "refunds and redress" and a $55 ...
Block agrees to pay $255M to regulators for Cash App deficiencies
1 day ago · Block saved money in the process, the agency said. “Cash App created the conditions for fraud to proliferate on its popular payment platform,” CFPB Director Rohit Chopra said in the release. “When things went wrong, Cash App flouted its responsibilities and even burdened local banks with problems that the company caused.”
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