- Block, Inc. has agreed to a $45 million settlement with 46 state attorneys general over allegations that Cash App misled users about fraud protections and lacked adequate customer support.
- The investigation found that Cash App's rapid onboarding process and limited identity verification facilitated fraud, while the platform failed to provide legally required fraud resolution services and live customer support.
- The settlement mandates stronger fraud controls, improved identity verification, and live customer support for Cash App, with potential total financial exposure reaching $165 million when combined with a prior CFPB agreement.
Topics: Legal regulatory, Compliance, Institutional adoption, Enforcement actions litigation, Aml antimoneylaundering, Banking depository pilots
Tags: #blockinc #cashapp #settlement #fraudprotection #customersupport #attorneysgeneral #fintech #identityverification #consumerprotection #bitcointrading
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