Cash app data breach compensation: How to get what you’re owed

The Cash App data breach has left many users worried about their personal information and looking for answers. If you had a Cash App account between August 23, 2018, and August 20, 2024, you could be eligible for compensation. This guide provides all the information you need to understand what happened, determine your eligibility, and ensure you get compensated for any losses.

Cash app data breach compensation: All questions answered

The breach has raised serious concerns about the safety of digital financial services, and understanding how to navigate the compensation process can help mitigate the impact of this incident. Below, we cover all the crucial details, from what exactly happened to how you can protect yourself moving forward.

What happened in the Cash App data breach?

Back in 2022, Block Inc. (formerly known as Square), the parent company of Cash App, reported a major data breach. It turned out that a former employee managed to keep access to user data after leaving the company. The employee accessed sensitive information, including full names, brokerage account numbers, and, in some cases, users’ portfolio details and stock trading activity.

This data breach affected 8.2 million Cash App users. As part of a settlement for a class action lawsuit, Block has agreed to compensate affected users for their losses. The total settlement amount is $15 million, which will be distributed to users who file valid claims.

The former employee’s unauthorized access to user information has not only shaken trust in Cash App but has also highlighted the importance of data security in the digital age. As a result, many users are now more cautious about sharing their financial details with digital platforms.

This data breach affected 8.2 million Cash App users How much compensation can you get?

Affected Cash App users may be eligible for compensation of up to $2,500. The compensation covers:

1. Out-of-pocket costs: You can claim up to $2,500 for losses linked to the breach, including unauthorized withdrawals or charges. To qualify, you must provide evidence that your account was involved in the breach.
2. Lost time: If you spent time dealing with issues related to the breach, you can also claim compensation for lost time. You can be reimbursed for up to three hours of your time at $25 per hour.
3. Transaction losses: If you experienced any unauthorized or fraudulent transactions that haven’t been reimbursed yet, you can submit a claim for those as well.

It’s important to understand that the compensation is aimed at covering both direct and indirect losses. This means that even if you didn’t lose money directly from unauthorized transactions, you could still be compensated for the time and effort spent dealing with the consequences of the breach.

Who is eligible to file a claim?

You may qualify to file a claim if you meet the following conditions:

• You had an active Cash App account between August 23, 2018, and August 20, 2024.
• You experienced unauthorized transactions or other losses during that time.
• You have not already been reimbursed by Block Inc., Cash App Investing, or any other third party.

Eligibility for compensation is straightforward, but it’s essential to provide accurate information and any supporting documents. This will help ensure your claim is processed quickly and that you receive the compensation you are entitled to.

What is the deadline to file a claim?

The deadline to submit your claim is November 18, 2024. Claims can be filed online by completing a claim form on the settlement website: https://cashappsecuritysettlement.com/submit-claim.

The sooner you file your claim, the better. Filing promptly ensures that your claim is considered, and you avoid missing out on compensation due to late submission. Keep in mind that late submissions will not be accepted, so it’s crucial to act before the deadline.

Affected Cash App users may be eligible for compensation of up to $2,500 How to file a claim for Cash App compensation?

Follow these steps to file your claim:

1. Verify eligibility: Make sure you meet the criteria for filing a claim. This includes having an active account during the specified period and experiencing losses related to the breach.
2. Complete the claim form: Visit the official settlement website and fill out the claim form. You will need to provide personal information and details of any affected accounts. Be thorough when filling out the form, as missing details could delay the processing of your claim.
3. Submit documentation: Provide any necessary evidence, such as records of unauthorized charges, to support your claim. Documentation is crucial for proving your losses and ensuring that your claim is valid.
4. File before the deadline: Ensure that you file your claim by November 18, 2024. Late submissions will not be accepted, and missing the deadline means you will forfeit your right to compensation.

Filing a claim can be a straightforward process if you have all the necessary information and documents ready. Taking the time to gather these details will increase the likelihood of a successful claim.

What happens after you file a claim?

After submitting your claim, you will need to wait for the court’s approval of the settlement. A hearing will be held on December 19, 2024, to decide if the settlement is accepted. If approved, eligible users will receive their compensation soon after.

If the settlement is not approved, there could be further delays. However, a delay might mean that a revised settlement could result in larger compensation amounts. In either case, staying informed about the status of the settlement is important, and you may receive updates via email or through the settlement website.

What if I have multiple Cash App accounts?

If you have more than one Cash App account, you should include all relevant details on a single claim form. Cash App recommends listing each account along with your CashTag and any associated claims.

Including all accounts on one form helps streamline the process and ensures that your claims are processed together. This reduces the risk of missing out on compensation for one of your accounts and makes it easier to track the status of your claim.

What else can you do to protect yourself?

This data breach is a reminder of the importance of keeping your digital information secure. To protect yourself, consider the following steps:

• Enable two-factor authentication: Use a verification code to add an extra layer of security. This makes it harder for unauthorized users to access your account.
• Monitor your accounts: Regularly review your Cash App account for any unauthorized transactions. Keeping a close eye on your account can help you detect suspicious activity early.
• Avoid public Wi-Fi: Avoid accessing sensitive information on public networks, which are more vulnerable to cyberattacks. Using a secure network is essential when managing financial accounts.

Additionally, consider updating your passwords regularly and using unique passwords for each of your accounts. These measures can help reduce the risk of unauthorized access to your financial information.

The Cash App data breach has impacted millions of users and you may be eligible for compensation Claim it

The Cash App data breach has impacted millions of users, and if you were affected, you may be eligible for compensation. Make sure to file your claim before the deadline to get reimbursed for any losses. While this breach is concerning, taking steps to improve your account security can help protect you from future issues.

Data breaches like this are a reminder of the risks that come with using digital financial services. However, by staying informed and proactive, you can minimize the impact of such incidents on your financial well-being.

If you need to file a claim, visit the official Cash App settlement website: https://cashappsecuritysettlement.com/submit-claim. Make sure to complete and submit your claim form by November 18, 2024.

Image credits: Cash App