💨 Abstract

The Consumer Financial Protection Bureau (CFPB) has ordered Block (formerly Square) to pay a penalty for fraud and weak security protocols on its Cash App service. The CFPB accused Block of depriving users of effective customer service and leaving the network vulnerable to criminal activity. The order includes up to $120 million in redress for consumers and a $55 million penalty. Block has described the issues raised as historical and not reflective of the current Cash App experience.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖