jack (nprofile…cvv9) Can you tell us more about...
Jack Dorsey’s Block, the parent company of Cash App has been ordered to pay up to $120M to fraud victims, in addition to a $55M penalty.
Federal regulators have ordered Block to pay $175M for inadequate fraud protections, incl. $120M in refunds to affected customers and a $55M fine.
The Consumer Financial Protection Bureau found Block failed to properly investigate unauthorized transactions and directed users to their banks instead of offering adequate support.
Block has agreed to the settlement without admitting wrongdoing and stated that it has since improved compliance measures to better safeguard users. This follows a separate $80 million settlement over anti-money-laundering deficiencies.
Source: https://x.com/Eddies_X/status/1880249319695036595
Bitcoin Meetup Ostschweiz
npub19c…nkecx
2025-01-19 20:57:40
Author Public Key
npub19c26jzl73j47308u2gtxlznzlxrc6fpjfx0y98eygk5thcv6rfhqznkecxPublished at
2025-01-19 20:57:40Event JSON
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"content": " nostr:nprofile1qyxhwumn8ghj7mn0wvhxcmmvqyv8wumn8ghj7urjv4kkjatd9ec8y6tdv9kzumn9wsq3gamnwvaz7tmjv4kxz7fwv3sk6atn9e5k7qg4waehxw309aex2mrp0yhx6mmnw3ezuur4vgq3vamnwvaz7tmjv4kxz7fwwpexjmtpdshxuet5qqsgydql3q4ka27d9wnlrmus4tvkrnc8ftc4h8h5fgyln54gl0a7dgsyrcvv9 Can you tell us more about...\n\nJack Dorsey’s Block, the parent company of Cash App has been ordered to pay up to $120M to fraud victims, in addition to a $55M penalty.\n\nFederal regulators have ordered Block to pay $175M for inadequate fraud protections, incl. $120M in refunds to affected customers and a $55M fine.\n\nThe Consumer Financial Protection Bureau found Block failed to properly investigate unauthorized transactions and directed users to their banks instead of offering adequate support.\n\nBlock has agreed to the settlement without admitting wrongdoing and stated that it has since improved compliance measures to better safeguard users. This follows a separate $80 million settlement over anti-money-laundering deficiencies.\nSource: https://x.com/Eddies_X/status/1880249319695036595",
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