Block Inc. agreed to a $45 million settlement with 46 states over claims that it didn’t sufficiently protect consumers from fraud on its Cash App peer-to-peer payments platform.
Block focused on increasing Cash App’s customer base and touting its fraud protections without boosting those protections even as the company knew scams were increasing, the states said in a settlement announced Tuesday.
Cash App didn’t have a way for customers to easily contact the company when they fell victim to frauds, leaving them to search online for phone numbers or email addresses that led to scammers waiting to pounce, the bipartisan …