Cash App, CFPB and 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.
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 fraudulent transactions under a settlement with the Consumer Financial Protection Bureau.
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,
Block's Cash App Ordered to Pay $175 Million by CFPB Over Fraudulent Transaction Handling
Cash App's parent company Block must pay up to $175 million after a CFPB crackdown on fraudulent transaction handling.
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 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. The regulator said Block,
Block agrees to pay $255M to regulators for Cash App deficiencies
The digital payments provider agreed to pay penalties to the Consumer Financial Protection Bureau and a group of states under settlements that alleged the company violated banking laws.
Bay Area company ordered to pay at least $75 million to wronged Cash App customers
Poor customer service is irritating and exhausting. And for Oakland-based Block, which operates the popular Cash App and Square products, it’s also proving to be expensive. The financial tech company is required to pay at least $75 million to Cash App customers and $55 million to a government-run penalty fund under a Thursday order from the Consumer Financial Protection Bureau.
Cash App parent Block pays $255 million after security nightmare for users
Block, the parent of digital payments company Cash App, agreed to pay $255 million to settle allegations of poor oversight and fraud-related issues on its peer-to-peer payment platform. The agreements,
Cash App Ordered To Pay $175M Over Fraud Concerns
Key Points ・Federal agency orders $175 million settlement for reported fraud and service failures ・Block, operator of Cash App, is required to overhaul security and refund consumers. ・Potential changes may affect how millions use popular peer-to-peer payment platforms.
CFPB Orders Cash App's Parent Company To Pay $175M
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,
Digital Transactions2d
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, ...
CFPB Fines CashApp $175 Million for Allegedly Mishandling Fraud Claims
If you lost money to scammers or had your account frozen on a popular peer-to-peer payment platform, you might be due for a ...
Tech groups sue US CFPB to block rule on payment apps, digital wallets
Two technology trade groups sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the ...
American Banker1d
Big Tech companies challenge CFPB's attempt to police them
Organizations that represent Amazon, Apple, Meta, PayPal, OpenAI and many other large technology companies accuse the ...
Tech Groups Sue to Block CFPB Rule Targeting Apple, Google (2)
A pair of trade groups representing Facebook parent Meta Platforms Inc., Apple Inc., and Google parent Alphabet Inc. sued to ...
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US consumer finance watchdog faces lawsuit for classifying digital wallets as banks
Technology trade groups TechNet and NetChoice filed a lawsuit on Jan. 16 to challenge the CFPB's regulatory approach.
American Banker1d
CFPB orders Equifax to pay $15 million for credit reporting errors
Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence ...