If you’re a current or former Cash App user, you may be entitled to a payment from the $15 million Cash App settlement. This compensation stems from a class action lawsuit over security breaches that exposed users’ personal information. Here’s everything you need to know about eligibility, payout amounts, and how to file your claim before the November 18, 2024, deadline.
Table of Contents
What Led to the Cash App Settlement?
Two major security breaches involving Cash App, a popular mobile payment platform, sparked the class action lawsuit:
- 2021 Data Breach: A former Cash App employee allegedly downloaded customer data without authorization.
- 2023 Unauthorized Access: Hackers exploited customer phone numbers to access their accounts.
The lawsuit alleged that Cash App and its parent company, Block, Inc., failed to implement adequate security measures to protect customer information. Although the company did not admit wrongdoing, it agreed to settle the case for $15 million and improve its data protection practices.
Who is Eligible for Compensation?
You may qualify for compensation if:
- Your personal information or account was compromised due to unauthorized access between August 23, 2018, and August 20, 2024.
- You can provide documentation of financial losses or expenses directly linked to these breaches.
Examples of Eligible Losses
- Unauthorized withdrawals
- Costs for identity theft insurance or credit monitoring
- Fees for closing and reopening bank accounts
- Expenses related to replacing payment cards
- Overdraft or late payment fees resulting from the breach
- Out-of-pocket costs for fraud mitigation
- Compensation for lost time at $25/hour for up to 3 hours
How Much Money Can You Receive?
The settlement includes the following reimbursement caps:
- Out-of-Pocket Costs: Up to $2,500 per person.
- Lost Time Compensation: $25 per hour, for up to three hours ($75 total).
The actual payout will depend on the number of valid claims filed and the specific losses documented by each claimant.
How to File Your Claim
To receive compensation, follow these steps:
1. Access the Claim Form
Visit the official settlement website to access and submit the claim form. You may have received an email or letter notifying you of your eligibility, but you can still file even if you didn’t receive one.
2. Provide Documentation
Gather evidence of your losses, such as:
- Bank statements showing fraudulent transactions
- Receipts for credit monitoring services
- Proof of fees or charges incurred due to account breaches
3. Submit Your Claim
Complete the form online or by mail before November 18, 2024. Submit only one claim, even if you have multiple Cash App accounts.
4. Choose Your Payment Method
Select how you’d like to receive your payment:
- Prepaid Mastercard
- Direct deposit
- Venmo or Zelle
- Paper check (Cash App payments are not an option)
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Can You Opt Out or Sue Separately?
The deadline to opt out of the class action lawsuit and pursue individual legal action passed on November 1, 2024. If you missed this deadline, filing a claim is your only option to receive compensation.
Protect Yourself in the Future
The American Bankers Association recommends these precautions to safeguard your data when using payment apps:
- Use strong, unique passwords and enable two-factor authentication.
- Avoid sharing personal information via app transactions.
- Be cautious of suspicious emails or links claiming to represent payment apps.
- Consider credit monitoring services to stay alert to potential fraud.
Act Now: File Your Claim Before the Deadline
The clock is ticking! If you’ve been affected by the Cash App breaches, don’t miss out on your chance to receive compensation. Visit the settlement website today, gather your documentation, and file your claim by November 18, 2024. Every eligible user has the right to claim their share of the settlement fund.
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