Block Inc Cash App $45M Settlement Over Fraud Failures
The post Block Inc Cash App $45M Settlement Over Fraud Failures appeared on BitcoinEthereumNews.com. When millions of Americans — many of them without traditional bank accounts — downloaded Cash App and started treating it as their primary financial home, they were told it was as safe as a bank. Regulators say that promise was false. Now, Block Inc., the Jack Dorsey-led company behind Cash App, has agreed to pay $45 million to settle allegations brought by nearly every U.S. state, resolving one of the most significant consumer protection actions ever taken against a mobile payments platform. Key takeaways Block Inc. agreed to a $45 million settlement with regulators from almost every U.S. state over Cash App fraud protection failures. Regulators alleged Cash App was marketed as being as secure as a traditional bank, a claim investigators say was misleading. The company was accused of lacking a consistent fraud detection system and failing to operate a functioning scam-reporting hotline