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.
CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You're Eligible for a Payment
The CFPB ordered Block to update its business practices to comply with the law, pay between $75 and $120 million to users whose unauthorized transfers weren't investigated and send a $55 million penalty to the CFPB's victim relief fund. Block agreed to the settlement but disagreed with the CFPB's characterizations of the company's actions.
Block Agrees to Pay CFPB Fines Over Cash App’s Alleged Sloppy Fraud Prevention
The CFPB is also ordering Block to fix Cash App’s customer service and its processes for investigating disputed transactions, in part by setting up 24-hour, live-person customer service. The order requires Block to fully investigate unauthorized transactions and to provide timely refunds when appropriate.
Block to Pay $175 Million for Cash App Customer Service Failures
Jack Dorsey’s Block Inc. will pay up to $175 million for failing to investigate and protect Cash App customers from fraudulent transactions under a settlement with the Consumer Financial Protection Bureau.
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.
Block agrees to pay $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.
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.
CFPB Fines CashApp $175 Million for Allegedly Mishandling Fraud Claims
Key Takeaways The Consumer Financial Protection Bureau has fined popular peer-to-peer payment platform Cash App for failing to protect customers from fraud and failing to investigate fraud complaints.
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,
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 ...
Cash App parent will pay $255 million in bank secrecy and fraud settlement, Oregon will get a share
Oregon will get a $1.6 million share of an $80 million fine that Cash App parent company Block will pay for violations of ...
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 ...
Nevada joins $80 million enforcement against Block Inc over insufficient enforcement
The State of Nevada has joined 47 other regulatory agencies in taking action against Block Inc, the mobile payment service ...
ND Department of Financial Institutions joins settlement against Block Inc. Cash App
The North Dakota Department of Financial Institutions has joined 48 other state financial regulatory agencies in taking ...
US state regulators fine Block Inc $80 million for insufficient money laundering controls
Block Inc has agreed to pay a fine of $80 million to a group of 48 state financial regulators after the agencies determined ...
State Regulators Issue $80 Million Penalty to Block, Inc., Cash App for BSA/AML Violations
Washington, D.C., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Washington, D.C .— In a coordinated enforcement action by 48 state financial regulators, Block, Inc. will pay an $80 million fine and undertake ...