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Cash App-owner Block must offer up to $120 million in refunds to consumers who federal regulators say were exposed to potential fraud.
The government agency argued that one of Block's portfolio companies, the leading peer-to-peer payments service Cash App, had allowed rampant fraud while misleading its customers. The settlement ...
(Reuters) -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. The ...
Hindenburg's accusations of Block included exaggerating user counts, failing to curb fraud and illegal activity on Cash App, and permitting impersonation of high-profile individuals. It also wrote in its report that Block "embraced predatory offerings and compliance worst practices in order to fuel growth and profit from facilitation of fraud ...
Owned and operated by Block, Cash App is a peer-to-peer payments platform, commonly referred to as a "digital wallet." Through Cash App, users can send and receive money, invest in Bitcoin and ...
Cash App and Block also agreed to take steps toward strengthening data security as part of the settlement. ... Disgraced ex-Congressman George Santos expected to plead guilty to federal fraud charges.
Cash App (formerly Square Cash) is a digital wallet for American consumers. [1] Launched by Block, Inc. in 2013, it allows users to send, receive or save money, access a debit card, invest in stocks or bitcoin, [2] apply for personal loans, [3] and file taxes. [4] As of 2024, Cash App reports 57 million users and $248 billion in annual inflows ...
Earlier this year, Cash App Investing and its parent company Block Inc. agreed to pay $15 million to settle a lawsuit that alleged a “failure to exercise reasonable care” in protecting user ...