Block agrees to pay up to $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.
Cash App parent will pay $255 million in bank secrecy and fraud settlement, Oregon will get a share
The state’s financial regulators joined 47 others in taking against Cash App’s parent company for violations of bank secrecy and anti-money laundering laws.
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,
CFPB fines Block $175m over Cash App's lax fraud controls
The Consumer Financial Protection Bureau (CFPB) announced today that's it's fining Block, the creator of Cash App and parent company of Square, $120 million in "refunds and redress" and a $55 million fine for how the company handled fraud on its payment platform.
Cash App Ordered to Pay $255 Million in Penalties Over Fraud
The transfer-money app, owned by Jack Dorsey’s Block, racked up a hefty bill of fines and restitution for what federal regulators called “woefully incomplete” customer protections.
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.
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 $175 million for failing to investigate and protect Cash App customers from fraudulent transactions under a settlement with the Consumer Financial Protection Bureau.
CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You're Eligible for a Payment
Today, Block, Inc., the parent company of Cash App, agreed to pay $175 million after the Consumer Financial Protection Bureau accused the company of several unfair customer practices and Customer Financial Protection Act violations.
CFPB orders Cash App to pay $175 million for fraud failures
Cash App's parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.
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. The regulator said Block,
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 ...
Albuquerque Journal3h
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 ...
How a useless customer service number got Cash App in big trouble with regulators
The Consumer Financial Protection Bureau says Cash App did not provide an in-person helpline, a failure that scammers were ...
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 with state agencies.
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 ...
Jack Dorsey's Block Eyes Over 39% Upside: BofA Says US-Centric Re-Acceleration Story Will Drive The Stock
Jack Dorsey's Block Inc is expected to deliver a strong Q4 given its business's general resilience and opex discipline, says BofA Securities.