JONESBORO, Ark. (KAIT) – Arkansas Atty. Gen. Tim Griffin announced Wednesday that several states have reached a settlement with Block Inc., the owner of the popular mobile payment app Cash App, for misleading consumers about the app’s safety.
Arkansas’s portion of the settlement will be $453,754. Griffin said Block told Cash App users their money was safe and implied the app worked like a bank and had similar protections, but this wasn’t true. Block also knew fraud on Cash App was sharply increasing yet focused on marketing instead of warning users or strengthening protections, Griffin said.
“This settlement resolves a lawsuit that my office, along with 45 other attorneys general, brought against Block, Inc. for misleading consumers about the safety of Cash App, for failing to protect consumers from fraud on the platform, and for not providing fraud protection and resolution that was required by law and that the company had committed to providing,” Griffin said…