Over 8 million Cash App Investing user’s personal data was compromised in a data leak that occurred in December 2021 on the payment app Cash App. Additionally, impacted consumers may now request to receive a refund of up to $15 million after Cash App was forced to pay damages, as reported. If customer’s Cash App account was used for illegal or fraudulent withdrawals or transfers of money between August 23, 2018, and August 20, 2023, they can file a claim for up to $2,500.
The complaint outlined two separate cases in which there was unapproved access to account data, leading to many unapproved charges that affected users of Cash App. Users of the well-known online payment service, both past and present, may now be Cash App Settlement Eligibility 2024 as part of this class-action settlement.
Cash App Settlement
A part of the company’s multimillion dollar payment may be available to Cash App customers. In order to resolve a lawsuit alleging the firm had neglected to protect clients from data breaches, the payments platform and its parent company Block agreed to pay $15 million earlier this year. The plaintiffs have set up a website where those users, both past and present, can file a claim for a portion of that compensation, up to $2,500.
The complaint said that inadequate security measures allowed the employee to get this information, therefore increasing the plaintiffs’ vulnerability to fraud and identity theft. Recently, Block disclosed its quarterly profitability and stated that it intends to take advantage of the chance to establish Cash App as the go-to financial services partner for families earning up to $150,000 by promoting the use of paycheck deposits and boosting inflows.
Cash App $2,500 Settlement 2024 Details
| Name of App | Cash App |
| Claim Deadline | November 18, 2024 |
| Exclusion Deadline | November 1, 2024 |
| Objection Deadline | November 1, 2024 |
| Final Approval Hearing | December 16, 2024 |
| Settlement Website | cashappsecuritysettlement.com |
Who is eligible for the payment?
- The alleged data breaches were caused by Cash App and Block allegedly failing to take enough precautions to protect user data. You could be entitled to a compensation payout if, as a current or past Cash App user, you suffered fraudulent withdrawals or illegal access to your personal data between August 23, 2018, and August 20, 2023.
- As per cashappsecuritysettlement.com you have until November 18, 2024, to file a claim to be eligible for payment. December 16, 2024, is the date of the settlement’s final approval hearing.
- Three categories of claims, out-of-pocket losses, lost time, and transaction losses may be used to determine eligible class member’s compensation.
What is the possible payout from the Cash App?
- Block and Cash App reached an agreement to establish a $15 million settlement fund, which will be disbursed to qualified clients upon the payment of legal and other administrative costs. Payments will be lowered proportionately depending on each recipient’s percentage of the total amount claimed if there is insufficient money to cover everyone.
- Three categories comprise settlement payments: transaction losses, lost time, and out-of-pocket damages.
- Customers that meet the Cash App $2,500 Settlement 2024 Eligibility Requirements may be able to recover up to $2,500 in out-of-pocket expenses. These expenses may include late fees and unpaid overdraft fees, as well as expenditures related to identity theft insurance, credit monitoring, credit report requests, payment card cancellations, and bank account closures.
- You can get paid $25 per hour, up to three hours, for the time you lost reacting to security breaches, fraudulent transactions, or Cash App issues that you might have prevented. Reimbursement claims can be submitted by individuals who lost money as a result of unlawful transactions.
How to claim?
Users may send and receive money, invest, pay merchants, and purchase Bitcoin with this mobile payment service but there was just a $15 million settlement in a case about security and data breaches. Thus, if you have been a consistent user of Cash App, you can owe money to Cash App and Block, its parent company.
According to the settlement, Cash App users who have several Cash App accounts should only make a single claim by visiting cashappsecuritysettlement.com. It is recommended that users complete a single claim form with all of their account information. Even if they have many accounts, each Cash App user is only allowed to submit a single claim per account. Before November 18, 2024, claims must be submitted via mail or the internet.
Is it time for me to stop using Cash App?
- You shouldn’t give up using Cash App, though, despite this. However, as a Cash App user, you have to be cautious.
- That being said, it’s a good idea to periodically transfer funds from your Cash App account to another type of account that may have more protection, such as a bank checking account. These accounts could be less vulnerable to hacks than Cash App, but their security history might be more encouraging.
- The way we pay each other has changed, for better or worse, thanks to Cash App. Even though the convenience isn’t always free, it makes payments convenient. Before the deadline of November 18, 2024, submit your claim if you believe you were a victim of the data breaches.
Jaxon Elias is a writer, poet, and finance expert. He graduated from the Craig School of Business in 2014 and later completed the “Leading with Finance” course from Harvard University Online. Additionally, he has worked as a freelancer for various media houses