Block, the parent company of Cash App, has been ordered to pay up to $120 million to fraud victims and a $55 million penalty to the CFPB. The CFPB alleges that Block used weak security protocols and hindered user efforts to resolve unauthorized transactions. Block denies the mischaracterizations but agreed to settle the matter.
The parent company of Cash App , a peer-to-peer payment platform, has been ordered to pay up to $120 million to fraud victims, in addition to a $55 million penalty, the Consumer Financial Protection Bureau announced this week. The financial regulator on Thursday said Block used "weak security protocols for Cash App and put its users at risk.
"While we strongly disagree with the CFPB’s mischaracterizations, we made the decision to settle this matter in the interest of putting it behind us and focusing on what’s best for our customers and our business," Cash App said in a statement on its website. Cash App is one of the largest peer-to-peer payment platforms in the U.S. with more than 56 million accounts.
CASH APP FRAUD CONSUMER PROTECTION BLOCK CFPB
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