Cash App users can seek thousands of dollars in data breach payouts

Be careful if you’ve had a Cash App account for the past six years or more: you may now be able to claim thousands of dollars thanks to a class-action settlement. The company proposed a $15 million settlement earlier this year following two security incidents. If you are eligible to make a claim, you only have a few weeks to do so.

The first related breach occurred in December 2021 when, according to Cash App, a former employee downloaded reports containing the information of more than 8 million users. This included their full names, brokerage account numbers and, in some cases, holdings and amounts of investment portfolios. Money app.

The consolidated class action complaint alleges that Cash App and parent company Block failed to take adequate security measures to prevent further data breaches. This involved Cash App’s person-to-person payment services. According to the plaintiffs, “an unauthorized user accessed certain Cash App accounts in 2023 using recycled phone numbers.” The complaint argued that Cash App and Block mishandled complaints related to both violations and fraudulent activities.

Cash App and Block have denied wrongdoing, reports. They say that payment is not an admission of guilt.

You may be eligible to make a claim if you had a Cash App account between August 23, 2018 and August 20 this year. The settlement will cover up to $2,500 in out-of-pocket costs resulting from violations, and up to three hours of lost time at $25 per hour. Those who continue to lose money and have not been reimbursed can file a claim for that as well.

If you plan to file a claim by , you will need to do so by 2AM ET on November 19. The final court hearing in the case is set for December 16.