CFPB Orders Cash App's Parent Company To Pay $175M - MSN

Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said.

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CFPB Orders Cash App's Parent Company To Pay $175M - MSN

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Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said.

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CFPB Orders Operator Of Cash App To Pay $175 Million And Fix Its ...

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Jan 16, 2025 · The CFPB ordered Block, the operator of the peer-to-peer payments app Cash App, to refund consumers $120 million and pay a penalty of $55 million.

consumerfinance.gov

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Cash App Ordered To Pay $175M To Users. Will You Get A Refund

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The Consumer Financial Protection Bureau, which oversees consumer financial protections, ordered Cash App's parent company Block to refund users $120 million. The order also …

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CFPB Fines Block $175m Over Cash App's Lax Fraud Controls - MSN

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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 …

msn.com

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Cash App Ordered To Pay $175M For Weak Security, Feds Say - USA …

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Jan 21, 2025 · Cash App's parent company ordered to pay $175M for weak security procedures, feds say Block, Cash App's parent company, has repeatedly denied the Consumer Financial …

usatoday.com

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CFPB Orders Cash App To Pay $175 Million For Fraud Failures

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Jan 16, 2025 · The Consumer Financial Protection Bureau on Thursday ordered Cash App's parent company Block to refund customers $120 million and pay a penalty of $55 million for …

americanbanker.com

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CFPB Fines Block Up To $175m Over Cash App's Lax Fraud Controls

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Jan 16, 2025 · The Consumer Financial Protection Bureau (CFPB) announced today that's it's ordering Block, the creator of Cash App and parent company of Square, to pay up to $120 …

engadget.com

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Cash App Customers To See Refunds After Up To $175 Million …

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Jan 16, 2025 · Cash App's parent, Block Inc., settled two regulatory actions, one with the Consumer Financial Protection Bureau and another with state agencies.

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CFPB Orders Cash App Parent Block To Pay $175M For Fraud Failures

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Jan 16, 2025 · The Consumer Financial Protection Bureau ordered Block (NYSE:SQ) to pay restitution of up to $120M and a penalty of $55M over alleged weak security protocols for its …

seekingalpha.com

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CFPB Orders Cash App Owner To Pay $175M For Fraud Failures

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Jan 17, 2025 · The CFPB on Thursday announced it has ordered Block, Inc., the operator of the peer-to-peer payments app Cash App, to refund and pay other redress to consumers up to …

bankersonline.com

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Cash App Operator Block To Pay $175 Million For Fraud Failures

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Jan 16, 2025 · The company has been ordered to pay a total of $175 million, comprising $120 million in refunds and other redress to customers, and a $55 million penalty to the CFPB's …

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Cash App Ordered To Pay $175M Over Fraud Concerns - The …

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Jan 22, 2025 · The Consumer Financial Protection Bureau (CFPB) has ordered Block, the operator of Cash App, to pay a total of $175 million in refunds and penalties after the agency …

thecollegeinvestor.com

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Cash App Ordered To Pay $255 Million In Penalties Over Fraud

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Jan 16, 2025 · Cash App will pay $80 million in fines to the states, up to $120 million to fraud victims and $55 million to the consumer bureau.

nytimes.com

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Cash App Parent To Pay $175 Million For Fraud Failures - Lexology

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Jan 16, 2025 · The Consumer Financial Protection Bureau (CFPB) today announced it has ordered Cash App’s parent company Block to pay $175 million for allowing fraud to …

lexology.com

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Consumer Finance Watchdog Asks Block To Pay $175M Over Cash …

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Jan 16, 2025 · The consumer finance watchdog’s order requires Block to pay up to $120 million in refunds and other redress to affected consumers, to set up 24-hour, live-person customer …

stocktwits.com

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CashApp Owner To Pay $175M Over Cybersecurity, Customer …

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Jan 22, 2025 · CashApp parent company Block Inc. has been ordered to pay $175 million to resolve allegations that it failed to provide adequate customer service and fraud protection, …

topclassactions.com

FAQs about CFPB Orders Cash App's Parent Company To Pay $175M - MSN Coupon?

Does Cash App have to pay $175 million?

Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said. The Consumer Financial Protection Bureau ordered Block to refund up to $120 million to users harmed by fraud, the federal agency said in a news release on Thursday, Jan. 16. ...

Why did CFPB fin block?

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. ...

Did block's Cash App close fraud cases without a CFPB investigation?

The CFPB alleged that Block's (NYSE: SQ) Cash App had closed cases of reported fraud without opening a legally required investigation. Block allegedly directed users who incurred financial losses as a result of fraud to ask their banks to attempt to reverse the transaction, which Block would subsequently deny, the CFPB said. ...

Why did the Consumer Financial Protection Bureau fine Cash App?

The Consumer Financial Protection Bureau accused Cash App's parent company, Block, Inc., of unfair customer practices and ordered the company to pay fines for violations that included: Not providing effective customer service for Cash App customers to solve problems in a timely manner. ...

Did CFPB order a fake cash app customer service phone number?

The CFPB order said some consumers called a fake Cash App customer support phone number and were instructed by the fake Cash App customer service representatives to download malware described as a “remote support application” or “remote access tool.” ...

How will the CFPB enforce Cash App redress requirements?

The CFPB will enforce the order’s redress requirements to ensure affected Cash App users receive refunds and other redress. The CFPB charges also highlighted how Block used various dead-end strategies to mishandle consumer complaints relating to fraud. ...