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01/26/2025
CashApp Customers Could Get a Refund for Fraud Protection Failures After CFPB Ruling
CNET
The Consumer Financial Protection Bureau accused Cash App's parent company, Block, Inc., of unfair customer practices and ordered the company to pay fines for violations that included:
- Not providing effective customer service for Cash App customers to solve problems in a timely manner. The bureau's report stated that fake customer service lines stole customers' information.
- Not taking appropriate action to "detect, limit and address fraud" on Cash App.
- Using the chargeback process instead of investigating and solving unauthorized transaction disputes in a timely manner.
- Misrepresenting its ability to protect customers from unauthorized transfers and its customer support phone line.
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