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 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 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,
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.
Cash App to pay $120 million to fraud victims, CFPB says
The owner of Cash App has been ordered to pay up to $120 million to victims of fraud on its payments platform on top of a $55 million fine, the Consumer Fi
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.
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.
Cash App to pay $80 million penalty to Iowa, 47 other states
DES MOINES, Iowa – The Iowa Division of Banking is part of a deal reached with the creators of Cash App for violations of Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use.
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IRS 1099-K Update: Venmo, PayPal and Cash App Users Should Know About This New Tax Rule
The IRS currently requires any third-party payment apps like Cash App and Venmo to send a 1099-K to the IRS and individuals ...
Arkansas joins $80M enforcement action against Cash App parent company
ARKANSAS, USA — Arkansas and 47 state financial regulatory agencies have taken coordinated action against Block, Inc., for ...