US consumer finance watchdog fines payments firm Block

Block agrees to pay up to $120 million in refunds to resolve Cash App fraud
The Consumer Financial Protection Bureau announced the order on Thursday in the waning days of the Biden administration.
US consumer finance watchdog fines payments firm Block over Cash App operations
The Consumer Financial Protection Bureau (CFPB) on Thursday ordered payments firm Block to pay a penalty citing fraud and weak security protocols on its mobile payment service Cash App.
CFPB Orders Cash App Operator to Compensate Consumers Over Fraudulent Payments
CFPB said Block employed weak security protocols for payments platform Cash App and put its users at risk. It added that Block is required by law to investigate and resolve disputes about unauthorized transactions but that its investigations were incomplete.
Cash App Owner Hit With Over $100M Fine For Fraud And Customer Service Issues
The U.S. Consumer Financial Protection Bureau found that Block, which is owned by Twitter founder, Jack Dorsey, failed to give adequate customer service–including the absence of live telephone agents–for customers to get assistance.
Tech groups sue US CFPB to block rule on payment apps, digital wallets
Two technology trade groups sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the regulator supervisory authority over payment apps and digital wallets from large non-banks.
Cash App parent fined up to $175 million for 'woefully incomplete' response to fraud
The Consumer Financial Protection Bureau ordered Cash App (SQ) operator Block to pay a total of up to $175 million for failing to address fraud on the mobile payment network.

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