Users of a popular payment app are standing by for cash after regulators found misleading promises about security and support.
Block Inc., which runs the Cash App payment service, has agreed to a $45 million settlement to settle claims that the app failed to protect against ad fraud, he says Texas Attorney General.
The multi-national investigation was launched because Cash App allegedly marketed itself as a safe way to bank despite increasing fraud and inadequate security.
The plaintiffs accused the company of failing to comply with warranty laws, years of lack of phone support, and deceptive social media advertising that left consumers deluded.
The complaint alleges that the defendant delayed internal fraud investigations and unnecessarily imposed account freezes to prevent victims from recovering stolen funds.
Under the agreement, the company must provide 24-hour customer service, stop fraudulent advertising, and meet legal requirements to investigate and recover other losses.
Forty-six countries participated in a survey that looked at the systems that used user trust.
The decision also includes a compensation plan for victims of illegal activities.
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