CashApp customers could get refund for fraud protection failure after CFPB ruling

Cash app users who were victims of fraud may have money coming their way, after the app’s parent company was fined $175 million for “poor” security measures and poor customer service.

The Consumer Financial Protection Bureau charged its parent company, Block, Inc. , of unfair customer practices and ordered the company to pay fines for violations that included:

• Not providing effective customer service to cash app customers to resolve issues in a timely manner. The bureau’s report stated that the fake customer service lines stole customer information.
• Failure to take appropriate measures to “detect, restrict and address fraud” on the Cash App.
• Using the chargeback process instead of investigating and resolving unauthorized transaction disputes in a timely manner.
• Misrepresenting their ability to protect customers from unauthorized transfers and their customer support phone line.

The CFPB ordered Bloc to update its business practices to comply with the law, pay between $75 and $120 million to users whose unauthorized transfers were not investigated and send a $55 million penalty to the CFPB’s Victim Relief Fund.

Block agreed to the settlement but disagreed with the CFPB’s characterizations of the company’s actions.

The company said in a Online statement. “The historical issues raised in this agreement do not reflect the Cash App experience today.”

Cash App now has multiple ways to receive live support and has an online dispute tool, the statement said. The payment app also provides a payment warning tool that can help alert you if your transaction is part of a scam.

If you report an unauthorized transaction Cash App If you do not receive customer support, you may be entitled to a refund. Here’s what you need to know.

How to get your money back from cash app

If you believe you have been affected by App Cash breaches, there is no action you should take to request a refund. in Most casesbusinesses pay the CFPB, and then the federal agency or payment official distributes the refunds to affected parties. Details about how much money affected users can expect from the Cash App or the timing of refunds are still unclear.

For now, you can see your email and physical mail for more information. You can also check your bank account to get a refund from the settlement. We’ll keep you updated as we learn more.

If you have additional questions, you can call the App Cash customer support line at 1-800-969-1940.