It is now possible for Cash App users who satisfy the eligibility requirements for the $15 million Cash App data breach class action settlement 2024 to file a claim and receive a potential compensation of up to $2,500. As a consequence of two data security breaches and practices concerning fraudulent transactions and unauthorized account access,
the corporation is planning to pay out up to $15 million in a class action settlement. This is because the company also engaged in fraudulent activities. The first data breach was allegedly committed by a former employee, according to Cash App.
According to the allegations made in the class action lawsuit, the private information of 8.2 million Cash App users was made public on the Internet as a result of the behaviour of the former employee and their access to customer data. Another data breach occurred the year before when Cash App learned that the accounts of some of its users had been hacked and that there had been transactions that were not authorized.
$15 M Cash App data breach class action settlement 2024
In the class action lawsuit that was filed against Cash App, a hefty settlement of fifteen million dollars was disclosed, and it was related to data breaches that affected customers. There have been two significant data breaches at Cash App, which is a platform for financial services that allows users to invest, pay suppliers, and move money. The first security breach that took place in 2022 was caused by an employee who accessed the Cash App Investing accounts of consumers inappropriately.
The lawsuit states that a former employee obtained user data from Cash App without the authorization of the people after acquiring access to their personal information while the company employed them. They did this without the victims’ knowledge or consent.
One can submit a claim for compensation if they can demonstrate that the data breach affected their Cash App account. A user may be eligible for a payment of up to $2,500 if they demonstrate that they have provided the company with the required documentation.
Tuna Price-Fixing Class Action Settlement
$10.5 M Class Action Settlement
Overview of $15 M Cash App Data Breach Class Action Settlement 2024
| Parties Involved | Salinas et al. v. Block, Inc. and Cash App Investing, LLC |
| Claim Deadline | November 18, 2024 |
| Exclusion Deadline | November 1, 2024 |
| Objection Deadline | November 1, 2024 |
| Final Approval Hearing | December 16, 2024 |
| Official Website | www.cashappsecuritysettlement.com |
Eligibility required
Customers of Cash App or Cash App Investing who have witnessed fraudulent transactions on their accounts, who believe that a Cash App error resolution was insufficient, and who believe that their private details were breached via Cash App between August 23, 2018, and August 20, 2024, or who believe that their Cash App accounts were used illegally will be eligible to file a claim. Cash App customers who have experienced any of these situations will be eligible to request compensation.
You will be required to provide evidence that the breach happened and that you notified it to be able to claim transaction-based losses that are the consequence of an account breach. If the paperwork was handed in within the allotted amount of time, then it could be adequate without more explanation. All individuals who are eligible to file a claim must do so via the official website of the settlement by the 18th of November this year.
Background on the Data Breaches
Customers of Cash App may be eligible for reimbursement of up to $2,500 as a result of a recent settlement that was worth $15 million. Following two data breaches that occurred via Cash App, which exposed the personal information of users, Block Inc., the parent company of the well-known electronic money-transfer platform, agreed to the settlement in response to allegations of negligence.
According to the class action complaint, Block and Cash App Investing were found to have been “negligent” and to have breached additional user obligations when an ex-employee attempted to get unauthorized access to account data in 2022. This occurred after the individual had previously worked for the company.
Block is accused of being irresponsible in 2023 when “an unauthorized user” exploited previously used phone numbers related to other accounts to access Cash App users’ accounts. The lawsuit alleges that Block was likewise reckless in this situation. Cash App, Cash App Investing, and Block have all agreed to a settlement consisting of fifteen million dollars, even though they have denied any responsibility or misbehaviour that was described in the lawsuit.
As of right now, to be eligible, consumers must have used Cash App or Cash App Investing at any point in the past or at present, have had an account that was accessed without permission, or have had unauthorized bank transfers or withdrawals between the dates of August 23, 2018, and August 20, 2024.
Qualified customers can file a claim for up to $2,500 “for out-of-pocket losses” that they may have suffered within the period that was specified above.
Is it possible for me to get this payment?
You are eligible for this reimbursement if you have used Cash App between August 23, 2018, and August 20, 2024.
Your account or personal information must have been accessed without your consent within the prescribed timeframe, or fraudulent withdrawals or transfers must have taken place during that period.
Deadline for claim
The deadline to make an exclusion claim is November 1st of this year if you are eligible but would want to opt not to participate in the settlement while keeping your future legal right to sue Cash App. If you do not agree with the settlement, you have the opportunity to object until November 1st. According to the official website, the deadline for making a claim is the 18th of November, 2024.
How to make a claim and when to make payment
Customers of Cash App have until November 18, 2024, to submit a claim form that has been filled out for evaluation. Please visit cashappsecuritysettlement.com/submit-claim to fill out the claim form and submit it at your convenience.
In addition, customers who meet the requirements may submit a claim to get compensation for time that they have missed; the highest amount that they can earn is $75, with a ceiling of $25 per hour for every three hours that they miss. In addition, individuals may be eligible to receive compensation for any confirmed transaction losses that were brought about by “an unauthorized account event.”
It is only possible for each Cash App user to submit a single claim per account, regardless of the number of accounts they have. Before November 18, 2024, claims must be submitted either via the mail or online. For consumers to be eligible for the refund, they still need to submit a formal claim.
On the other hand, anybody who wishes to opt out of the settlement is required to submit a written notice by the 1st of November. However, according to a webpage that was created specifically for the settlement, the date of the final approval hearing is subject to alteration “without additional notice.” The hearing is slated to take place on December 16, 2024. At this time, the settlement monies have not been disclosed formally.
Conclusion
The settlement of the Cash App data breach lawsuit, which was worth $15 million, highlights the crucial relevance of data protection in the financial technology industry. Users who were harmed by the event are provided with some solace via compensation, yet the episode serves as a warning tale regarding the risks that are inherent in digital financial services.
| Home Page | https://baltimoreoutloud.com/wp/ |
Going ahead, businesses such as Cash App must place a high priority on the safety of user data, and it is also critical for consumers to continue to be aware of the dangers that are connected with digital transactions. There is a possibility that this case may also drive more regulatory scrutiny and changes in cybersecurity practices throughout the business.
Calista Embry is a finance journalist who graduated from Johns Hopkins University. She has a passion for writing and researching the impact of finance on social life.