Cash App Settlement is Confirmed: If you’re a Cash App user who experienced unauthorized account access or fraudulent transactions between August 23, 2018, and August 20, 2024, you may be entitled to a portion of a $15 million settlement. Eligible users could claim up to $2,500 for documented financial losses stemming from these incidents. This article will walk you through the settlement, who qualifies, how the claims process worked, and what you need to know moving forward. Understanding the Cash App settlement is important not only for those directly involved but also for anyone who uses digital payment services. Data breaches are becoming more common, and knowing your rights can protect your financial future.
Cash App Settlement is Confirmed
The Cash App settlement represents a significant opportunity for affected users to receive compensation for unauthorized account access and financial losses between 2018 and 2024. Although the claims window has closed, those who filed timely claims should expect payouts in mid to late 2025, pending final court approval. Staying proactive about cybersecurity and understanding your rights as a consumer can protect you in future incidents.
| Detail | Information |
|---|---|
| Settlement Amount | $15 million |
| Individual Payout | Up to $2,500 for documented losses |
| Eligibility Period | August 23, 2018 – August 20, 2024 |
| Claim Deadline | November 18, 2024 (Already Passed) |
| Final Approval Hearing | January 13, 2025 |
| Expected Payout Timeline | Mid to Late 2025 |
| Official Settlement Site | cashappsecuritysettlement.com |
| Settlement Administrator Contact | 1-866-615-9740 |
Background on Cash App
Cash App, owned by Block, Inc. (formerly known as Square, Inc.), is a leading peer-to-peer mobile payment service launched in 2013. As of 2023, Cash App reported over 51 million monthly active users, according to Statista. It offers users services like direct deposits, Bitcoin purchases, investing, and simple money transfers.
The app’s growing popularity made it a target for cybercriminals. In late 2021 and again in 2023, Cash App faced two major data security incidents that exposed millions of users’ personal information.
What Led to the Settlement?
The Cash App settlement originated from two main security breaches:
- In December 2021, a former employee improperly accessed customer records after leaving the company, affecting approximately 8.2 million users.
- In 2023, reports surfaced that recycled phone numbers still linked to old Cash App accounts were being misused, enabling unauthorized access.
The class-action lawsuit accused Block, Inc. of failing to implement sufficient data protection measures. While Block denied any wrongdoing, they agreed to settle the case to avoid the uncertainty and costs of a trial.
Who Was Eligible?
You were eligible to file a claim if you met the following criteria:
- You had a Cash App or Cash App Investing account active between August 23, 2018, and August 20, 2024.
- Your account experienced unauthorized access or fraudulent transactions during that period.
- You could provide documentation, such as transaction records, emails, police reports, or bank statements, supporting your claim.
Important: Even users who did not lose money but experienced unauthorized access were eligible for compensation for time spent dealing with the issue.
Compensation Details
Under the terms of the settlement:
- You could claim up to $2,500 for documented out-of-pocket losses.
- You could also claim up to $75 (at $25 per hour) for lost time spent addressing fraud, even without financial loss.
The final amounts depend on the number of approved claims and available funds after administrative costs.
Steps You Could Have Taken to Strengthen Your Claim
While the filing deadline has passed, it’s useful to know best practices for future settlements:
- Document Everything: Always save emails, transaction records, and bank statements related to suspicious activities.
- Report Quickly: Immediately report unauthorized activities to your bank and the service provider.
- File a Police Report: Filing a report provides strong evidence in any settlement process.
- Monitor Credit: Services like AnnualCreditReport.com offer free credit reports to help track identity theft.
Following these steps can maximize your eligibility for compensation in future incidents.
Claim Submission Deadline
The claim form had to be submitted by November 18, 2024. As of today, no new claims are being accepted.
If you submitted your claim on time, make sure to monitor the settlement website or your email for updates regarding approval and payment.
How to Check Your Cash App Settlement Claim Status?
To check the status of your submitted claim:
- Visit the official settlement website: cashappsecuritysettlement.com
- Call the Settlement Administrator at 1-866-615-9740
- Watch for communications from the Settlement Administrator via email or mail
When Will Payouts Be Distributed?
The final court approval hearing is scheduled for January 13, 2025. If the settlement is approved and no appeals delay the process, payouts should begin by mid to late 2025.
However, settlements can be delayed by appeals or logistical issues. It is advisable to regularly check the official website or maintain contact with the Settlement Administrator for the latest updates.
Lessons for Protecting Your Financial Accounts
Even after settlements like this one, protecting your financial information is your best defense. Here are a few tips:
- Enable Two-Factor Authentication: Cash App and most platforms allow this extra security step.
- Change Passwords Regularly: Use strong, unique passwords and change them often.
- Be Careful with Phone Numbers: If you change phone numbers, immediately update it on all financial apps.
- Stay Informed: Follow credible sources like the Federal Trade Commission (FTC) for updates on scams and fraud protection.
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Frequently Asked Questions (FAQs)
Q1: Can I still file a claim?
No, the deadline to file a claim was November 18, 2024. If you missed it, you are no longer eligible for compensation under this settlement.
Q2: How will I receive my payout?
Payouts will be sent based on the method you selected when submitting your claim — direct deposit, PayPal, or check.
Q3: Is the Cash App safe to use now?
Yes, Cash App has taken steps to improve security, including enhancing login verification and monitoring account activity more closely.
Q4: What if I missed the settlement but experienced fraud?
You can still report unauthorized transactions to Cash App Support, your bank, and local law enforcement for assistance outside the settlement process.
Q5: Does participating in the settlement mean I cannot sue Cash App in the future?
By accepting settlement benefits, you generally waive your right to file a separate lawsuit about the same issues covered by the settlement.
