If you’ve been a Cash App user over the past six years, you may be entitled to a portion of a $15 million settlement following two security breaches. Cash App’s parent company, Block, proposed the settlement earlier this year to resolve a class-action lawsuit. Eligible users only have a limited time to file their claims, with the deadline fast approaching.
The data breaches at the center of the settlement involve two separate incidents. The first breach occurred in December 2021, when a former employee reportedly downloaded sensitive information from Cash App’s servers. This included personal details of over 8 million users, such as full names, brokerage account numbers, and, in some cases, details about users’ investment portfolios. Cash App publicly disclosed this incident in April 2022.
A second security breach occurred in 2023, prompting additional claims in the lawsuit. Plaintiffs alleged that unauthorized users accessed certain Cash App accounts by exploiting recycled phone numbers, a vulnerability within the company’s security measures. According to the class-action complaint, Cash App and Block failed to implement adequate safeguards to prevent these incidents and mishandled user complaints of fraudulent activity.
Cash App and Block deny any wrongdoing, maintaining that the settlement is not an admission of liability. Nevertheless, the agreement outlines compensations that may include reimbursement for up to $2,500 in out-of-pocket expenses, lost time valued at $25 per hour (up to three hours), and compensation for any documented monetary losses related to the breaches.
Who’s Eligible? If you had an active Cash App account anytime between August 23, 2018, and August 20, 2023, you may qualify to file a claim. The settlement process involves visiting the settlement website and submitting the required details by 2 AM ET on November 19. A final court hearing for the case is scheduled for December 16, after which approved claims will begin to be processed.
For additional information and to submit a claim, visit the full article on Engadget. This settlement represents a significant opportunity for Cash App users affected by these breaches to seek compensation for their losses.