Cash App Ordered to Pay $255 Million in Penalties Over Fraud
The transfer-money app, owned by Jack Dorsey’s Block, racked up a hefty bill of fines and restitution for what federal regulators called “woefully incomplete” customer protections.
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 CFPB fines Cash App-parent Block over insufficient fraud protection
The Consumer Financial Protection Bureau on Thursday ordered payments firm Block to pay a penalty, citing fraud and weak security protocols on its mobile payment service Cash App.
Cash App Owner Hit With Fines in Back-to-Back Settlements
Block Inc. was fined by dozens of state regulators and then ordered by the Consumer Financial Protection Bureau to refund consumers in two separate settlements in the last 24 hours over Cash App. The CFPB Thursday ordered Block,
48 states hit Cash App operator with a $80m fine
Each state will receive $1.6 million from the settlement, according to the R.I. Department of Business Regulation.
Cash App to pay $120 million to fraud victims, CFPB says
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 Fi
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. The regulator said Block deprived Cash App users of meaningful and effective customer service and left the network vulnerable to criminals defrauding users.
CFPB orders Cash App to pay $175 million for fraud failures
Cash App's parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.
CFPB fines Block $175m over Cash App's lax fraud controls
Per the CFPB, Cash App's Terms of Service at one point claimed that any bank linked to an account for transferring funds was responsible for addressing disputes around fraudulent charges, something that's not generally true under the Electronic Fund Transfer Act.
CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You're Eligible for a Payment
Today, Block, Inc., the parent company of Cash App, agreed to pay $175 million after the Consumer Financial Protection Bureau accused the company of several unfair customer practices and Customer Financial Protection Act violations.
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 customers to see refunds after up to $175 million settlement
Cash App's parent, Block Inc., settled two regulatory actions, one with the Consumer Financial Protection Bureau and another with state agencies.
How a useless customer service number got Cash App in big trouble with regulators
The Consumer Financial Protection Bureau says Cash App did not provide an in-person helpline, a failure that scammers were ...
Albuquerque Journal7h
NM to receive $1.6M as part of Cash App settlement
Block violated the Bank Secrecy Act and anti-money laundering laws aimed at safeguarding the financial system from illicit ...
Cash App Owner to Pay $80 Million Over Alleged Anti-Money-Laundering Deficiencies
Block has agreed to pay $80 million in a settlement with dozens of state regulators over alleged problems with its program to ...