Cash App fined $255 million in back-to-back settlements
The money transferring app, owned by Jack Dorsey’s Block Inc., is accused of “allow[ing] fraud to proliferate” by the Consumer Financial Protection Bureau.
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.
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 use, officials said.
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.
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.
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 bank secrecy and anti-money laundering laws. In addition to the $80 million fine,
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 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 owner to pay up to $175 million for failing to protect customers from fraud, feds say
Cash App-owner Block must offer up to $120 million in refunds to consumers who federal regulators say were exposed to ...
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 ...
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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, ...
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Cash App parent company to pay up to $120 million to fraud victims, feds say
The parent company of Cash App has been ordered to pay up to $120 million to fraud victims, in addition to a $55 million ...
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 ...
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 ...