Mobile apps like Cash App have revolutionized the way money is transferred, making it quick and easy for users to send and receive funds by connecting to their bank accounts. However, Cash App users may now receive financial compensation due to a recent data breach affecting the platform.
This development follows a surge in online searches for a “Cash App settlement,” prompted by a viral social media post claiming that individuals who used Cash App in 2018 could be eligible for up to $25,000 in compensation.
The post further suggested that anyone impacted by data breaches between 2018 and 2024 may qualify for a settlement payment. This information comes in the wake of data breaches in April 2022 and October 2023, which exposed customers’ sensitive information.
Block, Inc., the owner of Cash App, and Cash App Investing, LLC have faced lawsuits due to these breaches. The settlement is designed to compensate users for potential losses resulting from these security lapses.
In August 2022, a lawsuit was filed against Block, Inc., accusing the company of negligence, misrepresentation, and failure to meet its obligations to users in handling the data breaches. In response to the legal pressure, Block, Inc. agreed to a settlement that would reimburse affected customers.
The settlement allows for payments of up to $2,500 for those who incurred out-of-pocket expenses as a direct result of the breach, such as credit monitoring fees, accountant fees, or costs related to missed payments.
Additionally, customers who experienced lost time or other transaction-related losses could receive $75 in compensation. To be eligible, users must have been affected by either of the two data breaches or experienced unauthorized transactions or errors in their Cash App accounts between August 23, 2018, and August 20, 2024. Notifications regarding eligibility may be sent by mail or email, but those impacted can also file a claim directly before the November 18, 2024 deadline.
The settlement payments, whether by check or electronic transfer, will be distributed following the final approval hearing scheduled for December 16, 2024. For those seeking to verify their eligibility or learn more about the settlement, they are encouraged to contact the news team through email or social media.