If you're one of the 50 million Cash App users, you might be entitled to some money.
The mobile banking app was hit with a class action lawsuit for failing to protect its users from several security breaches that occurred in 2022 and 2023. Block Inc., which owns Cash App denies any wrongdoing but has agreed to settle for $15 million. That means, Cash App users are entitled to up to $2,500 by submitting a claim online.
Cash App, whose parent company Block Inc. (formerly known as Square) was founded by Jack Dorsey, surged in popularity on Reddit as a Robinhood alternative for trading Bitcoin and stocks. Then in 2021, a former employee downloaded investing reports, gaining access to users' personal financial data. Another breach occurred in 2023 by using recycled phone numbers linked to user accounts to access financial information. According to the complaint, given the multiple breaches, Cash App "utterly failed to properly secure and protect customer accounts."
Who is eligible to receive a Cash App payout?
According to the settlement website, users are eligible for compensation if:
You're a current or former Cash App user
Your personal information or account information was accessed or obtained without your authorization
You experienced fraudulent transactions between August 23, 2018 through August 20, 2024
How to submit a claim and get Cash App settlement money
Cash App users must submit a claim on the settlement website no later than November 18, 2024. Depending on the type of claim, users an receive reimbursement for out-of-pocket losses, lost time, or fraudulent charges. If fraudulent activity occurred as a result of the breach, users might also need to provide additional information like receipts or a police report.
Topics Cybersecurity Money
