Block agreed to a CFPB settlement over claims that it harmed Cash App users.

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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 deprived Cash App users of meaningful and effective customer service and left the network vulnerab

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CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You're Eligible for a Payment

Maine regulators were among seven state agencies leading the enforcement effort, which included 48 states agencies altogether.

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Cash App parent company agrees to $80M settlement

The Consumer Financial Protection Bureau announced the order on Thursday in the waning days of the Biden administration.

Fortune

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Block agrees to pay $120 million in refunds to resolve Cash App fraud

CRANSTON, R.I. (WLNE) — The Rhode Island Department of Business Regulation and 47 other state agencies are set to receive their part of an $80 million fine agreed to by Block, Inc., operator of Cash App. The fine was agreed to by Block, Inc. after the 48 states took coordinated action against the company for alleged violations of the Bank Secrecy Act (BSA) and anti-money laundering laws. The BSA is meant to safeguard financial systems from illic…

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Rhode Island

Rhode Island among states to receive money from Cash App $80 million fine

Pete Schroeder / Reuters:
Block agrees to pay $80M to a group of 48 US state financial regulators that say it had insufficient policies for policing money laundering through Cash App  —  Block Inc (SQ.N) has agreed to pay a fine of $80 million to a group of 48 state financial regulators after the agencies determined …

Techmeme

California

Block agrees to pay $80M to a group of 48 US state financial regulators that say it had insufficient policies for policing money laundering through Cash App

The Consumer Financial Protection Bureau is fining Block up to $175 million for how it handled fraud on Cash App.

Engadget

Verizon Communications

CFPB fines Block up to $175m over Cash App's lax fraud controls

Block, the parent company of popular online payment service Cash App, has been ordered by a federal agency to pay as much as $175 million because of repeated failures by the financial services provider to protect customers from fraud. Block has agreed to pay up to $120 million to consumers harmed by fraudulent transactions and unfair business practices detailed by the Consumer Financial Protection Bureau (CFPB) in a consent order filed on Thursd…

DNyuz

Cash App owner failed to protect customers from fraud, feds say

CHICAGO, Ill. (WMBD) -- Block Inc. has been forced to pay $80 million to 47 state financial agencies, including Illinois, for violations of Bank Secrecy Act and anti-money laundering laws. Cash App which is used by over 50 million people in the U.S. is Block, Inc.'s mobile payment service that people use to send, store, invest money, and more, said Chris Slaby, a spokesperson for the Illinois Department of Financial and Professional Regulation. …

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Nexstar Media Group

Mobile payment app forced to pay settlement for violating laws

The Consumer Financial Protection Bureauordered Cash App (SQ) operator Block to pay a total of $175 million for failing to address fraud on the mobile payment network.Read more...

Quartz

Cash App parent fined $175 million for 'woefully incomplete' response to fraud

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CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You're Eligible for a Payment

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