Users of Cash App who have been victims of fraud may come in money after the application company was fined $ 175 million for “poor” security measures and poor customer service.
The Consumer Financial Protection Bureau has accused Cash App, Block, Inc., for unfair customer practices and ordered the company to pay penalties for offenses involving:
- It does not provide an effective customer service for CASH App customers for timely problem solving. The Bureau report states that the fake customer service lines stole customer information.
- Not taking appropriate measures to “detect, limit and deal with fraud” on CASH App.
- Using the recovery process instead of exploring and timely resolving unauthorized transaction disputes.
- Misrepresentation of its ability to protect customers from unauthorized transfers and its customer support phone line.
CFPB ordered the block to update its business practices to harmonize the law, pay between $ 75 and $ 120 million to users whose unauthorized transfers were not explored and send a $ 55 million fine to the CFPB victim's assistance Fund. .
The block agreed to the agreement, but disagrees with the CFPB features of the company's activities.
“We have decided to solve this issue in the interest of leaving us behind and focusing on what is best for our clients and our business,” the company said in a statement. Online statement. “Historical issues raised in this agreement do not reflect the experience of Cash App today.”
Cash App now has more ways to get live support and has an online dispute tool, the statement said. The payment application also offers a payment warning tool that can warn you whether your transaction is part of fraud.
If you have reported an unauthorized transaction of Cash application And you haven't received user support, you may have the right to refund. Here's what you need to know.
How to get your return from Cash App
If you think you are affected by Cash App violations, you should not take any action to ask for a refund. In most casesCompanies pay to CFPB, and then the Federal Agency or the payment administrator distributes back to stakeholders. The specifics of how much money can be expected from Cash App or the time of refunds are still unclear.
For now, you can view your email and physical mail for additional information. You can also check your bank account for a settlement. We will inform you as we know more.
If you have any further questions, you can contact Cash App's customer support line at 1-800-969-1940.