TechFlow news, July 9. According to The Block, Block agreed to pay $45 million to settle with regulators in nearly 50 U.S. states. Regulators alleged that its Cash App exaggerated platform security safeguards, describing it as having fund protection capabilities comparable to traditional banks, but failed to effectively prevent fraud and did not provide adequate customer support and fraud reporting channels. Under the settlement agreement, Block is required to enhance customer service, provide 24/7 real-time support, and cease making misleading statements regarding platform security. Block denied any wrongdoing.
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