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Jack Dorsey’s Block, the parent company of Cash App has been ordered to pay up to $120M to fraud victims, in addition to a $55M penalty.
Federal regulators have ordered Block to pay $175M for inadequate fraud protections, incl. $120M in refunds to affected customers and a $55M fine.
The Consumer Financial Protection Bureau found Block failed to properly investigate unauthorized transactions and directed users to their banks instead of offering adequate support.
Block has agreed to the settlement without admitting wrongdoing and stated that it has since improved compliance measures to better safeguard users. This follows a separate $80 million settlement over anti-money-laundering deficiencies.
Source: 
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Eddie (@Eddies_X) on X
Jack Dorsey’s Block, the parent company of Cash App has been ordered to pay up to $120M to fraud victims, in addition to a $55M penalty.
Federal...
