Cash App is a financial service application that, by convenience and ease of use, has become one of the most famous digital payment applications, which you may already know, right? However, the recent news of the application becoming a target of a serious security breach causing a $15 million legal settlement proves that customer’s trust will be breached on the slightest hint of an insecurity threat. Right now, millions of Android and iOS users who relied on the Cash mobile app as their payment channel were hacked as a consequence of this incident and might be able to receive compensation from the settlement now. So, let’s see the details of this Cash App Settlement Lawsuit, and see what is in it for you.
Why Cash App Got Sued in the First Place
Believe it or not, it all started with a major breach of security that happened back in December 2021. How? Well, as a Cash App employee, a person violated the company’s confidentiality policy and stole some critical information from some very sensitive Cash App clients like credit card details as well as their social security numbers. Just so you know, yes, not only was this a huge responsibility of the company as around 8.2 million of its clients were victims and it was not just any company that was implicated but also Cash App’s parent company, Block, Inc., was accused of not protecting this info sufficiently so they are certainly in big trouble now, and that’s why we are seeing this lawsuit right now.
The lawsuit highlights a few different types of problems. The complainants or the people who filed the claims say that Cash App and Block did not take proper care to keep user information secure. Not only did they not have the correct confidentiality measures in place, but they also did not notify the users quickly enough in regard to the breach, you know? Like, they did not even alert the users until the very last moment of the breach.
The Settlement Deal and What It Means
One thing we can say for sure is that as part of its settlement with Cash App to sidestep a protracted court dispute, the financial technology company will pay the sum of $15 million. Though, discovering Cash App was wronged in the process and going through court proceedings was not an option. It is, after all, the cheapest way to settle a problem, you know? All in all, the monetary value in this case is intended to compensate those harmed by the data security breach and the affected e-commerce consumers are now able to submit claims for being beneficiaries.
If you are using the Cash App from August 23, 2018, to August 20, 2024, you may be a claimant on this settlement. How? People who lost money or had to deal with an issue via Cash App are part of the people who can get their funds back by filing a claim.
How Much Money Could You Get?
First and foremost, the financial compensation will depend on the type of settlement that you may choose as well as the extent of the damages that you incurred as a result of this data breach, just so you know. Like, if you were one of those unlucky individuals who had to pay out of your pocket for services like credit monitoring or suffered such inconveniences as a result of the hacking of your bank account, you can stake your claim for up to $2,500. Not just that though, in addition to that, if for any reason you were not compensated for the amount of money you lost because of a fraudster or unauthorized transactions, you may also be able to receive a refund.
