With only one week left until the Nov. 18 deadline, Cash App users who were affected by the Cash app Data breach settlement may be eligible for compensation through a class-action settlement. Cash App, which is expected to pay up to $15 million in settlements, has been accused of failing to protect customers from unauthorized account access and fraudulent transactions. Eligible users can file a claim and receive up to $2,500.
Background on the Cash App Data Breach
The origins of this settlement date back to a significant data breach disclosed by Cash App in a filing with the US Securities and Exchange Commission. According to the company, a former employee accessed sensitive information in December 2021 after leaving the company. Cash App stated, “In December 2021, we determined that a former employee downloaded certain reports of our subsidiary Cash App Investing without permission after their employment ended.” This breach exposed the personal information of about 8.2 million customers, making it a major recent data breach.
The class-action lawsuit contends that Cash App and its parent company, Block (formerly Square), were negligent in securing user data. The complaint highlights alleged lapses in “security features, protocol, systems, screening, and design.” Although both Cash App and Block deny any wrongdoing, a second data breach has since surfaced, further revealing unauthorized access and fraudulent transactions for some customers.
Are You Eligible? Here’s How to File a Claim
Cash App Investing customers with unauthorized account access, fraudulent transactions, or data exposure between August 23, 2018, and August 20, 2024, may be eligible to claim.
To successfully file for transaction-based losses, you’ll need to provide documentation showing that the breach occurred and that you reported it in a timely manner. Acceptable forms of documentation might include:
Are You Eligible? Here’s How to File a Claim
- Correspondence with Cash App regarding the incident
- A police report related to the breach
- Reports filed with your bank or credit union
- Complaints made to the FTC or other government agencies
- Documentation from the Better Business Bureau
**Each of these reports must be dated within the eligible period to support your claim.
The Importance of Staying Informed on Data Security
Data breaches in Texas such as this one underscore the need for strong security protocols and careful monitoring of personal accounts. At Your Business Solutions, we’re committed to keeping our clients informed of data security risks that could affect their financial security. If you have any questions about how to better protect your accounts and data, or if you want advice on cybersecurity best practices, we’re here to help.
Take advantage of this opportunity if you’re eligible. Stay proactive with your cybersecurity support in Texas from Your Business Solutions.