If you’ve used Cash App since 2018, you may want to pay close attention. A significant class action settlement involving the popular mobile payments app is nearing its deadline, and eligible users have the opportunity to claim their share of up to $15 million. Reports indicate the deadline for filing claims is November 18, 2024, giving users just about one week to act if they qualify.
Block Inc., the parent company of Cash App, was embroiled in legal troubles stemming from accusations of negligence and improper management of user data. The controversies escalated when it was revealed last year, amid investigations, how some users’ account data was accessed without authorization. A former employee reportedly managed to view sensitive information, affecting approximately 8.2 million current and former users.
This breach wasn’t the only issue highlighted by the lawsuit. The complaint made against Block pointed to yet another incident where unauthorized access occurred through the use of recycled phone numbers linked to Cash App accounts. Essentially, if someone had access to these phone numbers, they could potentially gain entry to accounts, leading to unauthorized transactions.
Despite these allegations, Block Inc. has denied any wrongdoing or liability but agreed to the settlement as part of the process to resolve the issues at hand. According to legal experts, reaching such settlements often signals the company’s wish to put the matter to rest without lengthy litigation.
But how does someone find out if they’re eligible for this settlement? Those who have been users of Cash App or Cash App Investing between August 23, 2018, and August 20, 2024, and experienced unauthorized access or fraudulent activities on their accounts can file claims. This may include anyone whose account was accessed without their consent or who faced unauthorized withdrawals or transfers during this period.
The settlement conditions allow for various types of compensation. Users may claim out-of-pocket losses—including costs associated with requesting credit reports or freezing accounts—as well as any documented transaction losses. Interestingly, individuals could also receive compensation for the time spent dealing with these issues, calculated at $25 per hour for up to three hours.
Submitting claims is made straightforward through the dedicated settlement website. Users interested are directed to visit cashappsecuritysettlement.com, where they can fill out the form necessary to secure their claims.
Offering users some peace of mind, as part of the settlement agreement, Block Inc. is expected to implement more stringent security measures to protect users’ data and prevent future breaches. While this doesn’t address the past incidents directly, it does suggest the company is taking steps to improve and secure user trust moving forward.
With the rapid evolution of digital finance, services like Cash App have become integral to many consumers. This case highlights the potential pitfalls of online transactions and the importance of safeguarding personal information. Users are reminded to stay vigilant, regularly monitoring their accounts for any suspicious activity, and ensuring their private details are secure at all times.
So, if you think you might have been affected, now’s the time to check your eligibility and act before the deadline. Don’t miss out on your chance to claim back some of those losses and simultaneously encourage enhanced security measures for the future.