Block, Cash App and CFPB

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 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, in part by setting up 24-hour, live-person customer service. The order requires Block to fully investigate unauthorized transactions and to provide timely refunds when appropriate.
Block fined over weak Cash App security controls
According to CFPB, Block's security protocols for Cash App were insufficient, exposing users to potential fraud.
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 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,
Consumer Finance Watchdog Asks Block To Pay $175M Over Cash App Deficiencies: Retail Remains Unfazed
The Consumer Financial Protection Bureau (CFPB) has ordered Block Inc., the operator of peer-to-peer payments app Cash App, to pay $175 million in refunds, compensation, and penalties for certain deficiencies.
Cash App fined $255 million in back-to-back settlements
Cash App is closing out the week on the hook for $255 million in multiple settlements around its consumer protections. Block, ...
Cash App owner to pay up to $175 million for failing to protect customers from fraud, feds say
Cash App-owner Block must offer up to $120 million in refunds to consumers who federal regulators say were exposed to ...
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Cash App parent company to pay up to $120 million to fraud victims, feds say
The parent company of Cash App has been ordered to pay up to $120 million to fraud victims, in addition to a $55 million ...
Tech Lobbyists Are Mad Feds Want to Regulate Digital Payment Apps Like Banks
After a fintech startup recently lost its users funds, it is hard to find sympathy for tech companies seeking loosened ...
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 ...
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 ...
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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.
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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 ...