Block's Cash App Fined $45M Over False Security Promises on July 9

According to The Block, on July 9, Block agreed to pay $45 million to settle charges from U.S. state regulators over false safety commitments by its Cash App. New York's attorney general alleged that Block marketed Cash App as offering bank-equivalent protections, misleading users into believing their funds were equally safeguarded, while lacking consistent fraud detection systems and failing to provide effective customer complaint channels. Regulators also accused Block of encouraging users to post account identifiers in promotional campaigns, which exposed them to fraudster contact and credential theft.
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