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Cash App Fined $175 Million Over Fraud

Business and Finance
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  • Cash App operator, Block, fined $175 million by CFPB
  • $120 million to compensate consumers, $55 million fine to CFPB's victims relief fund
  • Block provided incomplete investigations and customer service to resolve disputes
  • CFPB aims to crack down on widespread fraud across payments networks
360 summary
  • Block provided incomplete investigations and customer service to resolve disputes
  • Block employed weak security protocols that put Cash App users at risk of fraud
  • Cash App has made significant investments in customer support and resolving concerns more efficiently in recent years
QuartzQuartz
  • Block has diversified into other products, including Bitkey and Tidal, which it acquired in 2021.
  • In 2023, Hindenburg Research alleged that Block misrepresented the number of people using Cash App and pointed to illegal activity on the app.
  • The CFPB found that Block provided incomplete investigations and customer service to resolve disputes, and employed weak security protocols that put Cash App users at risk of fraud.
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