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The company will pay money to customers as part of a lawsuit about mass account hacking.
Block Inc., which owns the Cash App service and Cash App Investing, is ready to pay $15 million to users as part of a class action settlement. The essence of the case was that in 2022, a former employee of the company received unauthorized access to customer data. According to information provided by Block in a report to the SEC, notifications about this incident were sent to approximately 8.2 million current and former users.
According to the lawsuit, Block was also negligent in 2023 when an unauthorized person gained access to some Cash App accounts using reactivated phone numbers linked to the accounts. The company is also accused of failing to take the necessary measures to protect accounts and not sufficiently dealing with customer complaints about unauthorized transactions.
Despite the denial of guilt, Block and Cash App Investing agreed to settle and pay $15 million in early 2024.
To apply for compensation, users must fulfill one of the conditions: be a Cash App or Cash App Investing user, encounter unauthorized access to the account, or identify illegal charges or transfers during the specified period. The deadline for submitting or withdrawing from a case is November 18, 2024 at 10:59 p.m. (PST).
If the compensation notice was received by mail or email, users can enter their notification ID number and confirmation code on a dedicated website. Those who have not received a notification, but consider themselves injured, can fill out the form online.
If approved by the court, users will be able to receive up to $2,500 for direct losses incurred due to data security incidents or unauthorized access to the account. To do this, you will need to provide third-party documents confirming the connection of losses with the incident.
Compensation for lost time in the amount of $25 per hour (maximum 3 hours) and for recorded losses from unauthorized transactions is also possible. For the latter, you will need to provide a copy of the notification of unauthorized access, a police report or other confirmation. More information about the available settlement payments can be found here.
The timing of payments has not yet been determined. The final hearing to approve the settlement has been postponed to January 13, 2025 and is awaiting court approval.
In August 2022, it became known that scammers were transferring money from hacked Cash App accounts to their own. The available balance of hacked Cash App accounts at that time could range from $1000 to $5000. The exact amount of damage is not reported.
Source
Block Inc., which owns the Cash App service and Cash App Investing, is ready to pay $15 million to users as part of a class action settlement. The essence of the case was that in 2022, a former employee of the company received unauthorized access to customer data. According to information provided by Block in a report to the SEC, notifications about this incident were sent to approximately 8.2 million current and former users.
According to the lawsuit, Block was also negligent in 2023 when an unauthorized person gained access to some Cash App accounts using reactivated phone numbers linked to the accounts. The company is also accused of failing to take the necessary measures to protect accounts and not sufficiently dealing with customer complaints about unauthorized transactions.
Despite the denial of guilt, Block and Cash App Investing agreed to settle and pay $15 million in early 2024.
To apply for compensation, users must fulfill one of the conditions: be a Cash App or Cash App Investing user, encounter unauthorized access to the account, or identify illegal charges or transfers during the specified period. The deadline for submitting or withdrawing from a case is November 18, 2024 at 10:59 p.m. (PST).
If the compensation notice was received by mail or email, users can enter their notification ID number and confirmation code on a dedicated website. Those who have not received a notification, but consider themselves injured, can fill out the form online.
If approved by the court, users will be able to receive up to $2,500 for direct losses incurred due to data security incidents or unauthorized access to the account. To do this, you will need to provide third-party documents confirming the connection of losses with the incident.
Compensation for lost time in the amount of $25 per hour (maximum 3 hours) and for recorded losses from unauthorized transactions is also possible. For the latter, you will need to provide a copy of the notification of unauthorized access, a police report or other confirmation. More information about the available settlement payments can be found here.
The timing of payments has not yet been determined. The final hearing to approve the settlement has been postponed to January 13, 2025 and is awaiting court approval.
In August 2022, it became known that scammers were transferring money from hacked Cash App accounts to their own. The available balance of hacked Cash App accounts at that time could range from $1000 to $5000. The exact amount of damage is not reported.
Source
