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Block, the parent company of Cash App, agreed to pay a $45 million settlement amid allegations of false security promises.
律动Jul 9, 2026
On July 9, Block, Inc., the parent company of Cash App, agreed to pay $45.00 million to settle allegations from regulators in almost all U.S. states. Regulators claimed the company failed to adequately protect users from fraud and made misleading statements to users about the security of Cash App.
According to a statement released Wednesday by the New York Attorney General's Office, Block, led by Jack Dorsey, claimed in its marketing that Cash App offered security protections comparable to traditional banks, leading users to mistakenly believe their funds were protected similarly to bank deposits.Regulators also alleged that Block lacked a uniform and effective fraud monitoring system and failed to provide a functional customer service hotline for users to report fraud cases.[律动]
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