Block reaches $45M settlement with 46 states over Cash App fraud probe

Block has agreed to pay $45 million to settle claims brought by 46 U.S. states alleging that its peer-to-peer payments app, Cash App, failed to adequately protect users from fraud.

State attorneys general said they found that Block misled users by falsely advertising that Cash App provided bank-like protections, including advanced fraud detection. Block denied wrongdoing.