In November 2024, Cash App users affected by unauthorized access may qualify for compensation through a class-action settlement. This settlement allows eligible users to file claims for out-of-pocket losses, compensation for lost time, and other expenses related to fraudulent transactions.
The deadline to submit claims is November 18, so if you’re a Cash App user who may qualify, it’s essential to understand the eligibility requirements, claim amounts, and how to file.
Cash App Settlement
| Topic | Details |
|---|---|
| Settlement Date | Final claim deadline: November 18, 2024 |
| Eligibility | Cash App users from August 23, 2018 – August 20, 2024, affected by unauthorized access |
| Claim Amounts | Up to $2,500 for out-of-pocket losses; compensation for lost time |
| Claim Submission | Complete the form and provide documentation on the Cash App Security Settlement website |
The Cash App settlement represents a financial remedy for users who faced losses from unauthorized transactions. As part of a larger class-action suit, it also highlights the need for users to prioritize account security for the future.
Background on the Cash App Settlement
In recent years, as millions turned to Cash App for transactions, some users encountered unauthorized access to their accounts, resulting in financial losses.
Cash App’s parent company, Block Inc., reached a settlement to compensate users affected between August 23, 2018, and August 20, 2024.
What Caused the Settlement?
The class-action lawsuit alleged that Cash App had not implemented adequate security measures, leading to unauthorized account access. This breach left users vulnerable, with some reporting unauthorized transactions, withdrawals, and account tampering.
Eligibility Criteria
To qualify for the settlement, users must meet the following criteria:
- Usage of Cash App or Cash App Investing Services: Applicants must have used these services between August 23, 2018, and August 20, 2024.
- Unauthorized Account Access: Users must have experienced unauthorized account access resulting in fraudulent or suspicious activity.
- Unreimbursed Financial Losses: Compensation is available only for unreimbursed financial losses, so if you received reimbursement from Cash App, you may not qualify for additional funds.
Claim Amounts: How Much Can You Receive?
Eligible users may claim compensation based on the nature of their losses:
- Out-of-Pocket Losses: Receive up to $2,500 for documented losses, including unreimbursed funds, bank fees, and other expenses related to unauthorized access.
- Lost Time Compensation: Users can receive $25 per hour for time spent managing issues due to unauthorized access, for up to three hours.
- Documented Losses: Compensation is available for verified transaction losses related to unauthorized access. Be prepared to provide supporting documents.
How to Submit Your Claim
Here’s a step-by-step guide for filing your Cash App settlement claim:
- Visit the Official Cash App Settlement Website
Access the Cash App Security Settlement website to find official information and claim forms. - Complete the Claim Form
The form requires you to provide details like your Cash App $Cashtag, associated email addresses, and any other account identifiers. - Gather Required Documentation
You’ll need documents like bank statements, transaction records, or police reports to validate your claim. - Submit by November 18, 2024
Review all information carefully before submitting to avoid delays or errors. Submitting by the deadline ensures your claim is processed.
Why This Settlement Matters for Cash App Users
While this settlement provides some relief, it also underscores the critical importance of digital security. With rising cases of data breaches and online fraud, Cash App users need to be aware of security best practices to safeguard their accounts from future threats.
Security Tips for Cash App Users
Take the following steps to better protect your Cash App account:
- Enable Two-Factor Authentication (2FA)
Activating 2FA adds a secondary layer of security, making it harder for unauthorized users to access your account. - Set Up Notifications
Cash App allows you to enable alerts for transactions and other account changes. Enabling notifications can help you spot suspicious activity early. - Regularly Update Your Password
Use a strong, unique password and update it periodically for enhanced security. - Review Account Activity Frequently
Habitually check your transaction history to monitor for any unexpected transactions. - Only Link Essential Accounts
Limit the number of accounts connected to Cash App, using only your primary bank or a secure payment method to reduce exposure.
With digital transactions comes the responsibility of maintaining security. By following these tips, Cash App users can help prevent unauthorized access and reduce their risk of fraud.
