CFPB Orders Operator of Cash App to Pay $175 Million and Fix Its ...
3 days 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
3 days 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 ...
1 day ago · The company must also pay a fine of $55 million into the CFPB's victims relief fund. "Cash App created the conditions for fraud to proliferate on its popular payment platform," CFPB Director Rohit ...
Cash App to pay $120 million to fraud victims, CFPB says
2 days ago · The owner of Cash App has been ordered to pay up to $120 million to victims of fraud on its payments platform on top of a $55 million fine, the Consumer Financial Protection Bureau said Thursday.
Cash App fined $255 million in back-to-back settlements
1 day ago · Cash App is accused of “allow[ing] fraud to proliferate” by the CFPB and has been ordered to pay settlements totaling $255 million to state and federal regulators.
CFPB orders Cash App to pay $175 million for fraud failures
1 day ago · Cash App's investigations of fraud and unauthorized transactions were "woefully incomplete," the CFPB said, and customers were forced to ask their banks to attempt to reverse transactions that Block would subsequently deny. Cash App is required by law to investigate and resolve disputes.
CashApp Fined $175 Million for Not Stopping Fraud. Find Out if
2 days ago · If you reported an unauthorized transaction on Cash App and didn't receive customer support, you may have money coming your way. Today, Block, Inc., the parent company of Cash App, agreed to pay ...
US CFPB Fines Cash App-Parent Block Over Insufficient Fraud …
3 days ago · Block's gross profit rose 19% to $2.25 billion in the third quarter ended Sept. 30, with Cash App accounting for $1.31 billion of the total income. It had 57 million active customer accounts.
US CFPB fines Cash App-parent Block over insufficient fraud …
2 days 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 Fines CashApp $175 Million for Allegedly ... - Investopedia
2 days ago · The Consumer Financial Protection Bureau fined Cash App and its parent company, Block, $175 million Thursday for how it handled customer fraud complaints during the pandemic era. ... "CFPB Orders ...
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