Understanding Cash App, the recent legal settlement, eligibility criteria in Florida, and steps to take if Cash App refuses a refund for fraud in the future
Fort Lauderdale, FL – Cash App is a peer-to-peer (P2P) payment service developed by Block, Inc. (formerly Square, Inc.) that allows users to send, receive, and invest money quickly and conveniently. Launched in 2013, Cash App has expanded its services to include purchasing stocks and bitcoin, filing taxes, and accessing a debit card for direct deposits. The app is not a bank but partners with banks to provide these services, ensuring that users’ balances are insured by the Federal Deposit Insurance Corporation (FDIC).
Why is there a legal settlement
In December 2021, Cash App experienced a data breach that exposed the personal information of 8.2 million users. A class-action lawsuit was filed against Cash App Investing, LLC, and Block, Inc., alleging that the companies failed to exercise reasonable care in securing and safeguarding consumer information. As a result, a $15 million settlement was reached, with Cash App denying any liability or wrongdoing.