CASHAPP customers can recover their money for fraud protection after the CFPB rule is issued

Users of the Cash App, who have been victims of fraud on their way, may receive $ 175 million in the parent company due to “weak” security measures and customer service.

The Consumer Financial Protection Office has accused the parent company for the Cash App, Block, Inc., with unfair customer practices and ordered the company to pay fines because of the violations that included:

• Not providing effective customer service to Cash app customer to solve problems in a timely manner. The office report stated that fake customer service lines stole customer information.
• Not taking the appropriate action to “detect fraud, reduce and process it” on the Cash app.
• Use the process of returning the amounts paid instead of investigating the unauthorized transactions disputes and solving them in a timely manner.
• Divide its ability to protect customers from unauthorized transfers and its customer support phone line.

CFPB Block has ordered the update of its commercial practices to comply with the law, and to pay between 75 and 120 million dollars to users whose unauthorized transfers have not been investigated and send a fine of $ 55 million to the CFPB victims.

Block agreed to the settlement, but it differed with the CFPB description of the company’s behavior.

The company said in a statement: “We have made a decision to settle this issue in order to put it behind us and focus on what is better for our customers and businesses.” Online statement. “The historical issues raised in this agreement do not reflect the experience of the Cash application today.”

The statement said that the Cash App now has multiple ways to receive direct support and has an online conflict tool. The payment application also provides a payment warning that can help alert you if your treatment is part of a fraud.

If you report an unauthorized treatment Critical application You have not received customer support, as you may have the right to recover your money. Here is what you need to know.

How to recover your money from the Cash app

If you think you are affected by Cash App violations, there is no action you have to take to order money recovery. in Most casesCompanies pay CFPB, then the Federal Agency or payment official distributes the recovered amounts to the affected parties. Details related to the size of the money that affected users can expect from the Cash App or the timing of money recovery operations are still unclear.

Currently, you can see your e -mail and actual mail for more information. You can also check your bank account to recover the settlement. We will keep you aware while we learn more.

If you have additional questions, you can contact the Cash App customer support line on the number 1-800-969-1940.