CFPB Orders Operator of Cash App to Pay $175 Million and Fix Its ...
1 day 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
1 day 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 to pay $120 million to fraud victims, CFPB says
1 day 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.
CFPB Fines CashApp $175 Million for Allegedly ... - Investopedia
22 hours 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 ...
CashApp Fined $175 Million for Not Stopping Fraud. Find Out if
1 day 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 ...
CFPB orders Cash App to pay $175 million for fraud failures
1 day ago · The Cash App on a mobile phone arranged in Dobbs Ferry, New York, U.S., on Saturday, Feb. 13, 2021. Deutsche Bank's Bryan Keane raised his price target on Square Inc. shares to a Street-high of $330 from $255, writing that while the stock was a recovery play in 2020, it offers an even bigger recovery story in 2021.
US CFPB Fines Cash App-Parent Block Over Insufficient Fraud …
1 day 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.
Block to Pay $175 Million for Cash App Customer Service Failures
1 day ago · Jack Dorsey’s Block Inc. will pay $175 million for failing to investigate and protect Cash App customers from fraudulent transactions under a settlement with the Consumer Financial Protection Bureau.. Oakland, Calif.-based Block put weak security protocols on its Cash App digital payment service and conducted incomplete investigations when customers reported fraud, the CFPB said in a ...
CFPB fines Block $175m over Cash App's lax fraud controls
23 hours ago · The Consumer Financial Protection Bureau (CFPB) announced today that's it's fining Block, the creator of Cash App and parent company of Square, $120 million in "refunds and redress" and a $55 ...
Cash App Ordered to Pay $255 Million in Penalties Over Fraud
1 day ago · Cash App earned $1.3 billion in gross profits in the third quarter, according to Block’s filings. After the consumer bureau’s recent legal actions against peer-to-peer payment apps, two ...