Cash App, a popular payment service with over 50 million users, has expanded its offerings to include free tax filing and high-yield savings accounts. However, the company is currently facing a major legal settlement due to unauthorized data breaches. Customers impacted by these breaches could potentially claim up to $2,500 if the settlement is approved. The class-action lawsuit alleges negligence on the part of Cash App and its parent company Block, involving unauthorized access to account data by former employees and other users using recycled phone numbers linked to accounts.
If you have used Cash App within the past six years and have experienced unauthorized fund transfers or had your personal information or account accessed without consent, you may be eligible to file a claim as part of the settlement. Eligibility criteria include being a current or former customer of Cash App or Cash App Investing with unauthorized access to personal information or accounts, fraudulent withdrawals or transfers of funds, or errors in account resolution. The proposed settlement amount is $15 million, with individuals potentially able to claim up to $2,500 for out-of-pocket losses and up to $25 per hour for lost time, with a limit of 3 hours.
To submit a claim for the Cash App settlement, you must complete a claim form by the deadline of Nov. 18, 2024. This can be done online or by mail, with the mailing address provided on the settlement site. If you have claims related to multiple Cash App accounts, you should include all relevant information on a single claim form. It is important to ensure the submission is postmarked by the deadline to be considered for the settlement. The final approval hearing for the settlement is scheduled for Dec. 16, 2024, and if approved, payments will be distributed after that date.
The potential payout from the Cash App settlement offers a way for impacted customers to recover losses resulting from unauthorized access to their accounts or personal information. The settlement aims to compensate individuals for out-of-pocket expenses as well as time lost dealing with the aftermath of the breaches. By submitting a claim and providing necessary documentation, eligible individuals can seek reimbursement for any documented transaction losses or other related costs. It is important to adhere to the submission deadline and follow the instructions provided to ensure eligibility for the settlement payout.
In light of the Cash App data breaches and the resulting legal settlement, customers are reminded of the importance of securing their personal and financial information. Taking proactive steps to safeguard accounts, using strong passwords, monitoring for unauthorized activity, and utilizing identity theft monitoring services can help prevent future breaches and protect sensitive data. Additionally, considering the use of password managers for enhanced security and convenience when managing multiple online accounts is recommended. Stay informed about cybersecurity best practices and updates on the Cash App settlement process to protect yourself from potential risks and vulnerabilities.
