The Cash App, which is owned by Block, Inc. and is a digital wallet service for Americans, is currently in trouble because of claimed data breaches and security holes. The company had several data breaches, and many of its users may be able to get money back. Some may be able to get more than $2,500.
In 2021, the first data breach we know of happened when a former worker at Cash App Investing (the company’s investment branch) got private reports about some U.S. users without permission, putting their data at risk. The next thing that happened was in 2023, when related, old phone numbers were used to get into some Cash App accounts.
The people who are suing the company say that the breaches weren’t just careless mistakes on the part of the company. They say Block, Inc. and Cash App didn’t put enough controls in place to stop people from getting in without permission and, what’s worse, they say they didn’t handle reports from customers who were affected properly. Cash App has decided to settle these claims after gathering evidence, which could be good for some users.
The Cash App settlement
The class action case was settled for $15 million, and the company said they did nothing wrong. People who are eligible—those who had a Cash App account or a Cash App Investing account between August 23, 2018, and August 20, 2024—should find out how much of the payment they can get.
In order to get a piece of the pie, someone had to get into your account without your permission, you had to have fraudulent withdrawals or transfers happen, or Cash App had to mess up a mistake in your account. If any of these things happened to you, you already know that you are qualified. If you had any other problems with the app, you might need to file a separate suit to get paid.
Still, you have to send in your claim by November 18, 2024, at 10:59:59 p.m. PT if you think your case against the company is good enough to get a piece of the settlement. You can file your claim online or by mail. If you choose to mail your paperwork, make sure it’s postmarked before the deadline, or it won’t be accepted. Fill out the claim form and send it to Cash App Settlement at 1650 Arch Street, Suite 2210, Philadelphia, PA 19103.
Even if your proof is accepted and you are able to get some of the lawsuit money, not everyone who was hurt will be able to get the same amount. The settlement spells out who will get what amount.
Users who are eligible can get up to $2,500 to cover their out-of-pocket losses. This could include the costs of watching your credit or taking other security steps after the breach. Cash App will also pay back people for missed time if they can show that they wasted a lot of time dealing with the effects of these events.
People who can show proof will be able to get $25 an hour for up to three hours. Also, you can ask for money back if you lost money in transactions that weren’t approved. However, you will need proof to support your claim.
The approval process won’t happen right away, but it won’t take long either. The last day to make claims is December 16, 2024, because that’s when the final hearing is set to take place. Once the court makes up its mind about the claims and the deal as a whole, money should start flowing after that date. Even though the exact dates haven’t been set in stone, it’s likely that you’ll get your settlement money early next year.
For now, this is a friendly warning to Cash App users to make sure their accounts are safe. To avoid problems in the future, make sure you use safe, unique passwords and turn on two-factor authentication.
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