2 weeks Ago
Cash App, a leading mobile payment platform under Block Inc., formerly known as Square, is set to pay $15 million in a settlement following a significant data breach. This breach, discovered in December 2021 , compromised data belonging to approximately 8.
2 million users. Details of the Breach and Block’s Statement According to Block’s filing with the U.S.
Securities and Exchange Commission, or SEC , the breach occurred when a former employee downloaded reports on December 10, 2021, that contained sensitive customer information, including full names and brokerage account numbers. For some users, additional data such as portfolio values and trading activity for a single day were also compromised. Critically, the reports did not include highly sensitive details such as passwords, Social Security numbers, card information or banking details.
Block Inc.’s Commitment and Next Steps Block reiterated its commitment to user data security in its public disclosures, stating that the company has taken steps to strengthen both technical and administrative safeguards following the breach. The company has also reassured stakeholders that while the breach’s investigation continues, its business operations and financial stability are expected to remain unaffected.
As reported by BleepingComputer , a Cash App spokesperson made the following statement: "At Cash App we value customer trust and are committed to the security of customers’ information. Upon discovery, we took steps to remediate this issue and launched an investigation with the help of a leading forensics firm. We know how these reports were accessed, and we have notified law enforcement.
We are also contacting customers whose data was impacted. In addition, we continue to review and strengthen administrative and technical safeguards to protect information." Eligibility for Compensation Cash App users affected by the breach who meet these criteria can claim compensation: User Status To be eligible for compensation, you must fall under one of the following categories: Time Frame of Service Use The breach encompasses data compromised between August 23, 2018, and August 20, 2024.
Your eligibility hinges on whether you used Cash App or Cash App Investing at any point within this nearly six-year period. This window covers: Type of Incident Experienced Compensation is specifically for users who experienced one of the following: Next Steps for Eligible Users If you believe you meet these criteria, you should proceed to file a claim through the dedicated settlement portal at cashappsecuritysettlement.com .
Ensure you gather any relevant documentation or evidence that supports your claim, such as: The deadline for filing claims is November 18, 2024, so act promptly to secure your compensation. If you received a notification with a Notice ID and confirmation code, have those details ready when submitting your claim..
