​CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You’re Eligible for a Payment 

If you reported an unauthorized transaction on Cash App and didn’t receive customer support, you may have money coming your way.Today, Block, Inc., the parent company of Cash App, agreed to pay $175 million after the Consumer Financial Protection Bureau accused the company of several unfair customer practices and Customer Financial Protection Act violations.The violations included: Not providing effective customer service for Cash App customers to solve problems in a timely manner. The bureau’s report stated that fake customer service lines stole customers’ information. Not taking appropriate action to “detect, limit and address fraud” on Cash App. Using the chargeback process instead of investigating and solving unauthorized transaction disputes in a timely manner. Misrepresenting its ability to protect customers from unauthorized transfers and its customer support phone line.The CFPB ordered Block to update its business practices to comply with the law, pay between $75 and $120 million to users whose unauthorized transfers weren’t investigated and send a $55 million penalty to the CFPB’s victim relief fund. Block agreed to the settlement but disagreed with the CFPB’s characterizations of the company’s actions.   “We made the decision to settle this matter in the interest of putting it behind us and focusing on what’s best for our customers and our business,” the company said in an online statement. “The historical issues raised in this agreement do not reflect the Cash App experience today.”Cash App now has multiple ways to receive live support and has an online dispute tool, the statement said. The payment app also offers a payment warning tool that can help alert you if your transaction may be part of a scam. The fine against Block comes on the heels of the CFPB suing Capital One over its savings accounts, which the agency alleged cost customers over $2 billion in interest payments.If you believe you were impacted by Cash App’s violations, there’s no action you need to take to request a refund. In most cases, companies pay the CFPB, and then the federal agency or a payment administrator distributes the refunds to impacted parties. Specifics on how much money impacted users can expect from Cash App or the timing of the refunds are still unclear.For now, you can watch your email and physical mail for further information. You can also check your bank account for a refund from the settlement. We’ll keep you updated as we learn more.If you have additional questions, you can contact Cash App’s customer support line at 1-800-969-1940.