Apps

Cash App’s security is a mess – users can get up to $2,500 – here’s how

You’ll need to file a claim by November 18, 2024 if you want the cash.

by
Kevin Raposo
October 28, 2024

Image: Cash App

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The hits keep coming for Cash App’s security team. After a pair of data breaches exposed sensitive info for millions of users, the company is now shelling out up to $2,500 each to affected customers as part of a $15 million settlement.

Oh, and they’re also promising to shore up their security practices – about time, right?

Here’s what went down: a disgruntled former employee decided to get petty and downloaded financial reports on Cash App users as a parting gift back in 2022.

We’re talking over 8 million users affected – nice work, Block (Cash App’s parent company). Fast forward to 2023, and it happened again.

This time, scammers managed to access accounts using recycled phone numbers. Because who needs two-factor authentication, right?

The settlement covers anyone with a Cash App account between August 23, 2018, and August 20, 2024, who haven’t already been reimbursed for losses related to these breaches.

You’ll need to file a claim by November 18, 2024, so don’t sleep on it if you’re eligible.

This whole saga is a stark reminder that even the biggest fintech players can drop the ball on security. Cash App users, make sure to change those passwords, set up 2FA, and keep an eye on your accounts.

And hey, Block – maybe invest in an exit interview process that doesn’t involve giving ex-employees the keys to the kingdom?

Cash App hasn’t responded to our request for comment on how they plan to prevent these kinds of breaches moving forward. We’ll update this post if we hear back.

We want to hear from you! What are your thoughts on Cash App’s recent security breaches and their $15 million settlement? Do you think this will push them to finally prioritize user security, or is it just another bump in the road? Share your opinions in the comments below!