Washington, DC-(Effingham Radio)- The parent company of Cash App is being ordered to pay up to 175-million dollars for not protecting users from fraud.
On Thursday, the Consumer Financial Protection Bureau ordered Block to pay consumers up to 120-million dollars. The agency also fined the company 55-million dollars, which will go to the CFPB’s victims relief fund.
In a statement, the agency said Block used weak security protocols for Cash App and put users at risk. The agency added that “When things went wrong, Cash App flouted its responsibilities and even burdened local banks with problems that the company caused.”
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