Block settles for $45M with 46 states over Cash App fraud protection claims

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Financial technology company Block has agreed to a $45 million settlement with 46 U.S. states following an investigation into its Cash App platform. State attorneys general concluded that Block misled customers by falsely claiming the app offered bank-equivalent protections. Among the disputed claims were promises of advanced fraud detection capabilities that were not actually in place. The multi-state probe highlights growing regulatory scrutiny of fintech companies over consumer protection standards.

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