CFPB: Block Must Pay $175 Million for Cash App's ‘Weak Security Protocols'
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The Consumer Financial Protection Bureau (CFPB) has ordered Block, the owner of Cash App, to pay $175 million due to security failures. This includes up to $120 million in consumer refunds and a $55 million penalty to the CFPB's victims relief fund.
January 16, 2025 | 6:45 pm
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Block, the owner of Cash App, has been ordered by the CFPB to pay $175 million due to security protocol failures. This includes consumer refunds and a penalty, which could impact Block's financials and reputation.
The CFPB's order for Block to pay $175 million due to security failures is significant. The financial impact includes $120 million in consumer refunds and a $55 million penalty, which could affect Block's financial performance. Additionally, the reputational damage from being penalized for security issues could impact investor sentiment negatively.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100