Cash App-owner Block must offer up to $120 million in refunds to consumers who federal regulators say were exposed to potential fraud.

Cash App's parent company Block must pay up to $175 million after a CFPB crackdown on fraudulent transaction handling.

The transfer-money app, owned by Jack Dorsey’s Block, racked up a hefty bill of fines and restitution for what federal regulators called “woefully incomplete” customer protections.

The Consumer Financial Protection Bureau (CFPB) announced today that's it's fining Block, the creator of Cash App and parent company of Square, $120 million in "refunds and redress" and a $55 million fine for how the company handled fraud on its payment platform.

The parent company of Cash App has been ordered to pay up to $120 million to fraud victims, in addition to a $55 million penalty. Here's what to know.

Each state will receive $1.6 million from the settlement, according to the R.I. Department of Business Regulation.

The owner of Cash App has been ordered to pay up to $120 million to victims of fraud on its payments platform on top of a $55 million fine, the Consumer Fi

The state’s financial regulators joined 47 others in taking against Cash App’s parent company for violations of bank secrecy and anti-money laundering laws.

Key Points ・Federal agency orders $175 million settlement for reported fraud and service failures ・Block, operator of Cash App, is required to overhaul security and refund consumers. ・Potential changes may affect how millions use popular peer-to-peer payment platforms.

Today, the Consumer Financial Protection Bureau (CFPB) imposed a penalty on Block, the operator of the Cash App, for its failure to effectively address fraud on its platform. The company has been ordered to pay a total of $175 million,