CFPB v. Block, Inc.

Block, Inc. allegedly failed to provide effective customer service for Cash App, failed to take timely, appropriate, and effective measures to prevent, detect, limit, and address fraud on the Cash App platform, used the card network chargeback process as a substitute for fulfilling its obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E to investigate and resolve disputes about unauthorized transactions in a timely manner, engaged in deception by misrepresenting that it protected consumers from unauthorized transfers and had a telephone line to report such unauthorized transfers, and failed to comply in multiple ways with the requirements of EFTA and Regulation E, according to CFPB.

Summary generated from official Consumer Financial Protection Bureau press release