Cash App has agreed to a $15 million settlement following two data breaches in 2022 and 2023. The breaches exposed the personal and account information of current and former users without their consent. The first breach in 2022 was caused by an employee’s unauthorized access to Cash App Investing accounts, while the 2023 breach involved unauthorized access using recycled phone numbers.
Cash App is a popular financial services platform used for money transfers, payments, and investments. Though the company did not admit wrongdoing, it has agreed to compensate affected users. The settlement allows eligible users to claim up to $2,500 for documented losses, including costs such as bank fees, credit monitoring expenses, and travel related to the breaches. Additionally, users who experienced fraudulent transactions can receive extra compensation with proper documentation.
The settlement covers users affected by the breaches between Aug. 23, 2018, and Aug. 20, 2024. Claims for compensation must be filed by Nov. 18, 2024. The deadline for objections or exclusion from the settlement is Nov. 1, 2024, with the final approval hearing scheduled for Dec. 16, 2024.
Cash App’s settlement reflects the company’s commitment to resolving the data breach claims. By offering financial compensation to affected users, it seeks to settle any disputes stemming from the breaches. This case serves as a reminder of the importance of strong data protection measures for digital financial platforms.
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