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Block Settles Cash App Fraud Claims for $175 Million

1/19/2025

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Summary

Story summary

Block, the owner of Cash App, will pay $175 million to resolve fraud protection allegations from the CFPB.
The settlement allocates up to $120 million for consumer refunds and includes a $55 million fine.
CFPB highlighted Cash App's inadequate fraud claim investigations and subpar customer service.
Block is required to enhance customer support and swiftly address unauthorized transaction investigations.
Cash App boasts over 56 million accounts and processes more than 13 billion transactions each year.

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Story summary

Block, the owner of Cash App, will pay $175 million to resolve fraud protection allegations from the CFPB.
The settlement allocates up to $120 million for consumer refunds and includes a $55 million fine.
CFPB highlighted Cash App's inadequate fraud claim investigations and subpar customer service.
Block is required to enhance customer support and swiftly address unauthorized transaction investigations.
Cash App boasts over 56 million accounts and processes more than 13 billion transactions each year.