Cash App Parent Settles Fraud Claims With 46 States for $45 Million
Block Inc. has agreed to pay $45 million to settle claims from 46 states that Cash App misled users about fraud protections and failed to put in adequate safeguards.
The deal was announced by a coalition of attorneys general, says the Illinois Attorney General.
States say the company knew scams were rising, kept marketing the app and made it easy to open accounts with little checks.
Users who got hit often found accounts frozen and little help getting money back.
Block must stop deceptive safety claims, staff live phone support at least 13.5 hours a day and chat for 18 hours, warn users about common scams and investigate unauthorized transfers.
The agreement also backs a separate Consumer Financial Protection Bureau deal that is supposed to put $75 million to $120 million back to consumers.
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