Cash App Users Advised to Claim Payout from Class-Action Settlement
Users of the Cash App mobile payment service who have conducted money transfers within the past six years may have the opportunity to claim a payout of up to $2,500 as part of a proposed $15 million class-action settlement. This settlement arises from allegations against Cash App and its parent company, Block, regarding negligent handling of customer data, particularly incidents involving unauthorized access to accounts.
The class-action lawsuit contends that a former employee of Cash App Investing improperly accessed account information in 2022, along with instances in 2023 where another individual used recycled phone numbers—previously linked to Cash App accounts—to exploit vulnerabilities and gain unauthorized access. Such occurrences highlight significant concerns surrounding the platform’s data security protocols.
Eligibility for the settlement extends to individuals who used Cash App between August 23, 2018, and August 20, 2024, and meet specific criteria. Those who have either had their personal information accessed without consent, experienced unauthorized transactions, or faced unaddressed errors in their accounts may be entitled to file a claim. Interested users must act promptly, with the deadline for claim submissions set for November 18, 2024.
For potential claimants, claims can be submitted either online or by mail, necessitating the inclusion of pertinent details related to the user’s experiences with Cash App. The settlement’s eligibility and details can be found on the dedicated settlement website. Those claiming losses related to multiple accounts are advised to compile their claims on a single form for efficiency.
The financial ramifications of the settlement offer a maximum of $2,500 for documented losses, as well as compensation for time lost—up to $25 per hour for three hours, particularly for activities like credit monitoring due to security breaches. To support claims of out-of-pocket losses, third-party documentation will be required.
A crucial date in the settlement process is the final approval hearing, which is scheduled for December 16, 2024. Upon approval, payouts are anticipated to be distributed shortly thereafter. As various security breaches continue to emerge in the digital payment landscape, cash app users are encouraged to stay informed on practices to enhance the security of their personal and financial information.
By addressing these vulnerabilities, individuals can take proactive measures to safeguard their data and mitigate risks associated with unauthorized access. This ongoing situation serves as a reminder for business owners and consumers alike to remain vigilant and informed about cybersecurity practices, especially in an age where digital finance is increasingly under scrutiny.
Overall, this case underscores a pressing issue in the fintech sector: the need for robust data protection and responsive measures when breaches occur. For those affected, understanding their rights and the claims process is imperative as they navigate this complex legal landscape.
