Block to Pay $45 Million to Settle Allegations of Cash App's Failure to Stop Fraud

MT Newswires Live

Jul 09

Block (XYZ) will pay $45 million as part of a multistate settlement to resolve allegations that its Cash App failed to protect users from fraud and provide a fraud protection and resolution mechanism as required by law, Nebraska Attorney General Mike Hilgers said Wednesday.

Under the settlement, the company also agreed to stop making allegedly "false or misleading" claims about Cash App's safety, provide live support to users to resolve complaints and account lockouts, and investigate fraud claims and reimburse users for unauthorized transactions, among other measures, according to a statement.

Block did not immediately respond to MT Newswires' request for comment.

Price: 76.08, Change: -1.48, Percent Change: -1.91

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