Cash App, owned by Block, agreed to pay $255 million in multiple settlements addressing consumer protection concerns. 48 states fined Block $80 million for failing to comply with regulations aimed at preventing illicit activities on its platform. The CFPB reached a separate settlement, requiring Block to pay $120 million to Cash App users and $55 million to the bureau for security vulnerabilities and inadequate customer support that exposed users to fraud.
Cash App is closing out the week on the hook for $255 million in multiple settlements around its consumer protection s. Block, the company that owns Cash App , agreed Wednesday to pay $80 million to 48 states that fined the company for violating laws intended to keep illicit activity off the platform.
Separately, the federal Consumer Financial Protection Bureau reached a settlement with Block on Thursday, in which the company agreed to pay $120 million to Cash App customers and another $55 million to the CFPB. According to the bureau, Cash App’s weak security measures put consumers at risk and made it difficult for users to get help after experiencing fraud on the platform.
Cash App Consumer Protection Security Fraud Regulation
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