The window for Cash App customers to submit a claim for compensation for the security and data breach is closing. Only a few days remain till the deadline. A recent settlement mandated that the mobile payment provider pay $15 million in damages. According to the lawsuit, the breach impacted 8.2 million Cash App Investing users, both past and present.
Additionally, the lawsuit claimed that a former employee obtained the personal data of Cash App users while they were employed and downloaded the information without the users’ permission. Clients of Cash App or Cash App Investing who saw fraudulent activity on their accounts, feel that a Cash App error fix was inadequate, think that their personal data was compromised through Cash App between August 23, 2018, and August 20, 2024, or think that their Cash App accounts were misused may be able to submit a claim.
Cash App To Pay 15 Million In Data Breach Settlement
The deadline for filing a claim for compensation if you were impacted by the data and security breach is November 18, 2024. In order to submit their claims by the deadline, Cash App customers must move swiftly. You have a great chance to get compensated for the breach that exposed your personal data. In the aftermath of a recent settlement, the mobile payment provider was ordered to pay $15 million in damages. Up to $2,500 may be yours if you were one of the people impacted by the data breach in December 2021.
According to the plaintiffs, Cash App Investing and Block Inc. did not take sufficient precautions to safeguard customer data. Approximately 8.2 million customers of Cash App Investing, both past and present, were affected by this breach. To guarantee your Cash App $15 Million Settlement Amount 2024, if you are one of them, make sure to submit your claim by the due date.
Cash App Security Breach Settlement 2024 Summary
| Company Name | Cash App |
| Number of Affected Users | 8.2 million |
| Claim Deadline | November 18, 2024 |
| Settlement Amount | $15 million |
| Final Approval Hearing | December 16, 2024 |
| Official Website | cashappsecuritysettlement.com |
An overview on Cash App $15 Million Settlement
A former employee of Cash App Investing illegally accessed customer information in 2022, leading to the class action lawsuit, which claims that Cash App and its parent firm, Block, were irresponsible. Another person allegedly used recycled phone numbers associated with particular Cash App accounts to access those accounts in 2023.
As part of a recent court settlement, you might be able to get up to $2,500 if you have used Cash App during the last six years. A class action lawsuit against Cash App, which claims to have over 56 million monthly active users based on its Q4 2024 shareholder letter, could result in large payouts for impacted consumers.
Are You Eligible? Process to claim
- You are Cash App Security Settlement 2024 Eligible to claim if you have this organization’s account from August 23, 2018, to August 20, 2024. Up to USD 2,500 will be reimbursed as part of the compensation package for direct out-of-pocket expenses associated with the breaches. Up to three hours of lost time, or US$25 per hour, can also be claimed by impacted users. You may include in your claim any monetary damages you have incurred that have not yet been compensated.
- If you are claiming via cashappsecuritysettlement.com, make sure to do so by19 of this month at 2 AM ET. You must collect any supporting documentation for expenses spent as a result of these breaches, but if you are eligible, the claims procedure is rather simple. The court will determine the conditions of the settlement and, if accepted, the allocation of the money to the claimants during the case’s final hearing on December 16.
- Once your claim has been filed, you will have to wait until December 19 for a court to make a decision on whether to accept the terms of the settlement. If the settlement is rejected, you might have to wait longer to get paid, but it might be for a bigger amount. Eligible users have just a few days to file, so they should move quickly to get any compensation they might be due.
Allegations of inadequate security measures
- Sensitive data belonging to more than 8 million customers was allegedly accessed and downloaded by a former Cash App employee in December 2021, marking the first breach. In April 2022, Cash App revealed that full identities, brokerage account numbers, and, in certain situations, the contents and valuations of investment portfolios were among the accessible data. Due to this serious security breach, consumers began to doubt Cash App’s dedication to safeguarding private information.
- Claims were made in the second security incident that Block, the parent company of Cash App, had not implemented sufficient security procedures for its well-known peer-to-peer payment system. In 2023, an unauthorized person used repurposed phone numbers to get access to certain Cash App accounts, according to a consolidated class-action complaint. According to the plaintiffs, Cash App and Block failed to respond quickly enough to notifications of fraudulent transactions and treated complaints about this breach improperly.
- According to the lawsuit, there is a lack of acceptable security procedures to secure user accounts, as evidenced by the two breaches and Cash App and Block’s insufficient replies. Notwithstanding the accusations, Cash App and Block have denied any misconduct, arguing that their US$15 million settlement offers a remedy for impacted users rather than an admission of fault.
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Niamh Prescott has a degree in Mass Communication and an MBA in Finance. She has worked for two media houses and is now running her own media company.