If you’ve had a Cash App account anytime over the past six years, you may be eligible to receive part of a $15 million settlement following two significant security breaches. The settlement, proposed earlier this year, comes after multiple security incidents raised questions about Cash App’s data protection measures. Users have only a few weeks left to file a claim.
The first breach occurred in December 2021 when a former Cash App employee downloaded sensitive data belonging to more than 8 million users. This data included personal information like full names, brokerage account numbers, and in some cases, details of investment portfolios. However, Cash App didn’t disclose this breach until April 2022, months after the incident.
A subsequent class-action complaint was filed against Cash App and its parent company, Block. The complaint alleged that the companies failed to implement adequate security safeguards, particularly after another incident in 2023, where an unauthorized user accessed Cash App accounts using recycled phone numbers. Plaintiffs argued that Cash App mishandled user complaints related to fraudulent transactions and security breaches, leaving customers exposed to potential identity theft and financial loss.
Cash App and Block maintain their innocence and assert that the settlement is not an admission of wrongdoing. The companies, however, have agreed to this $15 million settlement to resolve the issue. According to the terms, eligible users can claim up to $2,500 in out-of-pocket costs, compensation for up to three hours of lost time at $25 per hour, and reimbursement for monetary losses not already compensated.
To be eligible, users must have held a Cash App account between August 23, 2018, and August 20, 2023. Claims can be filed through the settlement website until November 19 at 2AM ET. A final court hearing is scheduled for December 16 to finalize the terms.
For more information and to see if you qualify, visit Engadget. Don’t miss out on your opportunity to claim a share of this significant settlement.