Cash App owner to pay up to $175 million for failing to protect customers from fraud, feds say
CBSN
Block, the parent company of popular online payment service Cash App, has been ordered by a federal agency to pay as much as $175 million because of repeated failures by the financial services provider to protect customers from fraud.
Block has agreed to pay up to $120 million to consumers harmed by fraudulent transactions and unfair business practices detailed by the Consumer Financial Protection Bureau (CFPB) in a consent order filed on Thursday. The company must also pay a fine of $55 million into the CFPB's victims relief fund.
"Cash App created the conditions for fraud to proliferate on its popular payment platform," CFPB Director Rohit Chopra said in a statement. "When things went wrong, Cash App flouted its responsibilities and even burdened local banks with problems that the company caused."
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