Block Inc., the company behind Cash App and Square, agreed to pay $45 million to settle allegations from regulators in nearly every US state. The charges? Making false promises about security.
The multi-state action claimed Block misrepresented how secure its platforms were. Millions of users trusted Cash App with their money and personal data based on those claims. State regulators decided that trust was built on misleading assurances.
Block didn’t admit wrongdoing as part of the settlement, but the $45 million payout speaks for itself. It’s a reminder that financial platforms — even the big ones — aren’t immune to consequences when security marketing outpaces actual security practices.
