Block Agrees to Pay $45 Million Settlement Over Cash App Fraud Protection Deficiencies

Block, Inc., the parent company of Cash App, has agreed to pay $45 million to settle regulatory claims from nearly all U.S. states, alleging it failed to adequately protect users from fraud and made misleading security statements.

Block claimed in its marketing that Cash App offered security comparable to traditional banks, but lacked a unified fraud monitoring system and had an unavailable customer service hotline.

Source: Public Information