Today, Block, Inc., the parent company of Cash App, agreed to pay $175 million after the Consumer Financial Protection Bureau accused the company of several unfair customer practices and Customer Financial Protection Act violations.

Key Takeaways The Consumer Financial Protection Bureau has fined popular peer-to-peer payment platform Cash App for failing to protect customers from fraud and failing to investigate fraud complaints.

Key Points ・Federal agency orders $175 million settlement for reported fraud and service failures ・Block, operator of Cash App, is required to overhaul security and refund consumers. ・Potential changes may affect how millions use popular peer-to-peer payment platforms.