US CFPB fines Cash App-parent Block over insufficient fraud protection

Quick Summary:

:The Consumer Financial Protection Bureau on Thursday ordered payments firm Block to pay a penalty, citing fraud and weak security protocols on its mobile payment service Cash App.

"While we strongly disagree with the CFPB's mischaracterizations, we made the decision to settle this matter in the interest of putting it behind us and focusing on what's best for our customers and our business," the company added.

The regulator's order includes up to $120 million in compensation and a $55 million penalty to be paid into the CFPB's victim relief fund.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Penalty Experience Payments Regulator Cfpb Company Financial Cash Block Million Ordered

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-16 @ 23:03:24 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 490 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 25199256

View Article Analysis

About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 54 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 1 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #27

Publisher Details

Frequently Asked Questions