CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You’re Eligible for a Payment
If you report an unauthorized transaction cash app And without getting customer support, you may be out of pocket.
Today, Cash App’s parent company, Block, Inc. Agree to pay $175 million The Consumer Financial Protection Bureau previously accused the company of multiple unfair customer practices and violations of the Customer Financial Protection Act.
Violations include:
- Failure to provide Cash App customers with effective customer service and timely resolution of issues. The bureau’s report said fake customer service hotlines stole customer information.
- Failure to take appropriate steps to “detect, limit and address fraud on Cash App”.
- Use chargeback processes instead of promptly investigating and resolving unauthorized transaction disputes.
- Misrepresenting its ability to protect customers from unauthorized transfers and its customer support phone lines.
The CFPB ordered Block to update its business practices to comply with the law, pay $7.5 to $120 million to users who made unauthorized transfers without investigation, and impose a $55 million fine to the CFPB’s Victim Relief Fund.
Bullock agreed to the settlement but disagreed with the CFPB’s characterization of the company’s conduct.
“We decided to resolve this issue in order to put it behind us and focus on what’s best for our customers and our business,” the company said in a statement. Online statement. “The historical issues raised in this agreement do not reflect the Cash App experience today.”
Cash App now has multiple ways to get live support and has online dispute tools, the statement said. The payments app also offers a payment alert tool that can help alert you if your transaction may be part of a scam.
Bullock’s fine is CFPB sues Capital One The agency said it lost more than $2 billion in interest on its savings accounts.
How to get a refund from Cash App
If you believe you have been affected by a Cash App breach, you do not need to take any action to request a refund. exist most casescompanies make payments to the CFPB, and the federal agency or payment administrator allocates refunds to affected parties. It’s unclear how much affected users will receive from Cash App or when refunds will take place.
Currently, you can check your email and physical mail for more information. You can also check your bank account for a billing refund. We will keep you updated as we learn more.
If you have additional questions, you can contact Cash App’s customer support hotline: 1-800-969-1940.
