Block Inc. Agrees to Pay $45 Million Over Cash App Security Misrepresentations, Wednesday Settlement

According to the New York Attorney General's Office on Wednesday, Block Inc. agreed to pay $45 million to settle allegations that the company failed to protect Cash App users from fraud and misled them about security. Regulators across nearly every U.S. state claimed Block marketed Cash App as offering bank-level protections while lacking adequate fraud detection systems and failing to provide functional customer support for scam reporting.

As part of the settlement, Block must maintain 24-hour live customer support to address fraud complaints and cease making claims about Cash App's safety. The company denies wrongdoing but said the agreement "resolves a previously disclosed legacy matter."