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If You Are A Victim Of Cash App Data Breach, You Can Claim Up To $ 2,500 In A $ 15 Million Settlement
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What Is Cash App?
Cash App is a popular Peer-to-peer payment platform similar to PayPal, Venmo, Zelle, and Apple Pay. Block, Inc., a leader in the fintech industry, launched the Cash App in 2013 to send and receive money seamlessly using a mobile number, QR code, and email address. Within two years of launching, Block Inc. decided to go public in 2015 to raise cash for its expansion in operations.
Since its launch, Block Inc. has added many more functionalities like
1. Stock Investing
2. Investing in Bitcoins
3. Thrift savings
4. Regular banking operations like issuing debit cards
5. Tax filing
Backed by robust funds from the Initial Public Offering (IPO) and multiple services under one umbrella, the popularity of Cash App saw a high growth path. In the last annual filing, the cash app had 55 million monthly active users, generated a revenue of $ 14.3 Billion, and a gross profit of $ 4.32 Billion in 2023.
When did the Cash App Data Breach happen?
There were a couple of data breaches in 2021 and 2023. One involved a former employee accessing information inappropriately about cash app investing customers. That impacted about 8 million people. There was also another outside bad actor who hacked into the system. Customers’ personal information like Names, Email addresses, Mobile numbers, and other Brokerage account details were compromised, and there were incidents of fraudulent withdrawals of money from customers’ accounts.
Unfortunately, the Cash App delayed notifying the customers about the data breach by around four months after the incident happened. The delay led to customers becoming suspicious about the company’s internal security controls and standard operating procedures and filing a class action lawsuit (Salinas, et al. v. Block, Inc. and Cash App Investing, LLC, Case No. 22-cv-04823, District Court for the Northern District of California).
What Was The Outcome Of The Cash App Lawsuit?
Because of the two back-to-back security incidents, the reputation of Cash App was hit severely. Loss to Cash App was gain to its rival Zelle. Zelle saw a meteoric rise in its customer base to 120 million Versus 55 million on Cash App. Block Inc. realized the growing concern among its customers, and even though it has denied any wrongdoings, it agreed to a $ 15 million settlement with the affected customers to restore some of the already damaged goodwill. For each individual, the amount is capped at $ 2,500. However, if the number of claimants increases, there is a possibility that the settlement amount may be less than $ 2,500.
How Can The Affected Cash App Customers Claim?
Affected customers should submit their claims through the Cash App Settlement Site. If you have already received a notice, then you need to enter the Notice ID and the confirmation code, Else raise a fresh claim form, and submit it. You should have documentation to prove that you were affected by the fraudulent transaction in their account between 23rd August 2018 and 20th August 2024 and that you have incurred expenses like opening a new account elsewhere, filing a police complaint, etc.
| Action | Deadline |
|---|---|
|
Claim Submission |
November 18, 2024 |
|
Objection |
November 1, 2024 |
|
Exclude |
November 1, 2024 |
|
December 16, 2024 |
Final Approval Hearing |
What Are Best Practices To Prevent Cash App Like Situation?
While dealing with payment apps like Cash App, Venmo, or PayPal, customers should follow some best practices as advised by the Consumer Financial Protection Bureau.
- Do not keep the money for long in Cash App or Venmo like payment apps that are non-banks. Enable regular auto settlement features if available. E.g. PayPal has a daily auto-checkout feature that users can enable. In this case, PayPal will transfer the money to your Bank Account at the end of the day. In some countries like India, daily auto-checkout is a default functionality. Other countries’ regulators should look at mandating such a feature.
- Try to move to apps that provide more secure access like the implementation of Multi-Factor Authentication (MFA). In an MFA-based authentication, when you try to access the account, a notification is triggered to either a registered email or mobile phone through SMS. You have to acknowledge the notification before the app allows access.
- Since these apps are uninsured by the Federal Deposit Insurance Corporation (FDIC), you will not get reimbursement for your losses easily. Cash App type of class actions are time and resource-intensive. So, keep the minimum amount in these apps in case you need it.
- If possible, it’s better to move to Banks and their apps for payments and receipts.
Are You Frequently Making Unscheduled Payments?
If you are making frequent unscheduled payments, you need to plan your budgets carefully. You will need a Budget Calculator where you plan for all your expenses well in advance. This budget calculator also provides you guidance on savings, needs (basic expenses like groceries, education, health, and utilities), and wants ( beyond basic expenses like parties, dining out, vacation, etc.). You should always be ahead of your finances so that you can achieve financial freedom. Explore our Next Gen Personal Finance suite of applications to help you in your financial wellness journey.
FAQs On The Cash App Security Breach And Settlement
The Cash App data breach involved unauthorized access to sensitive customer information, including names, account numbers, and other personal details. The breach was reportedly caused by a former employee who accessed the data without permission.
The breach was discovered in December 2021, but the exact date of the unauthorized access may vary. Cash App notified affected users after conducting an internal investigation.
The compromised data included names, brokerage account numbers, and in some cases, portfolio value and stock trading activity. Social Security numbers, passwords, and other highly sensitive information were not believed to be involved.
The breach affected approximately 8.2 million Cash App users. Only users of the Cash App Investing service were impacted.
Cash App took immediate steps to secure the affected systems and prevent further unauthorized access. The company has also offered free credit monitoring services to impacted users and has finally agreed for a $15 million settlement to a class action lawsuit filed in the Northern California District Court.
If you are an affected user, you should receive a notification from Cash App or the law firm handling the class-action lawsuit. The notification will include details on how to file a claim and what compensation you may be eligible for. If you have not received the notice, but still if you have been affected by any unauthorized/ fraudulent transactions in your Cash App account, you can still raise a claim on the site.
If you choose to “opt out,” or remove yourself from the Settlement Class, you will forfeit all rights under the Settlement Agreement and will not be entitled to any payments or benefits from the settlement.
On the other hand, you would remain free to bring a lawsuit against Block and/or Cash App Investing at your own cost over the legal matters brought up in this case. By writing a written letter to the Settlement Administrator by November 1, 2024, postmarked on or before, you may opt out of the settlement. Your letter of exclusion request needs to:
- Be in writing;
- State your current address;
- Contain the statement “I request that I be excluded from the Settlement Class in the case of Salinas, et al. v. Block, Inc. and Cash App Investing, LLC ”;
- Be signed by you; and
- Be mailed to the Cash App Security Settlement Administrator, Attn: Exclusion, P.O. Box 58220, Philadelphia, PA 19102, postmarked on or before November 1, 2024.
By Objecting means, Informing the Court of your disapproval of a particular aspect of the Settlement. Only if you remain in the Settlement Class are you able to protest to the Settlement. Telling the Court that you do not wish to participate in the Settlement is known as excluding yourself. You will no longer be impacted by the Settlement, therefore you will have no reason to protest if you exempt yourself.
If you need further information, you can either call the Settlement administrator at +1-866-615-9740 or email them at info@cashappsecuritysettlement.com
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