CFPB: Block Must Pay $175 Million for Cash App's ‘Weak Security Protocols'

The Consumer Financial Protection Bureau ordered Cash App owner Block to pay $175 million to address security failures.Block must refund consumers up to$120 million and pay a penalty of $55 million into the CFPB’s victims relief fund, according to a Thursday (Jan. 16) press release.“Block employed weak security protocols for Cash App and put its users at risk,” the release said. “While Block is required by law to investigate and resolve disputes about unauthorized transactions, the company’s investigations ...