Block faces lawsuit over Cash App breach

Block is facing a Class Action lawsuit over a Cash App Investing data breach last year that impacted 8.2 million customers.

Cash App data breach: What to know


Millions of accounts were exposed in a data breach for Cash App.

Cash App Breach By Ex-Employee Impacts Over 8 Million Users


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Block Notifies 8.2 Million Customers Following Cash App Investing Data Breach


00:00 INTRO
01:59 Block Notifies 8.2 Million Customers Following Cash App Investing Data Breach
04:22 What can we Learn?

A previous employee of Block (SQ), formerly recognized as Square, illegally accessed Cash App Investing reports, including U.S. client data, the company said Monday. As per a regulatory statement, the payment company is alerting 8.2 million existing and past clients about the hack.
According to Block, the reports have included consumers’ entire names as well as their individual brokerage accounts. The report included more information for some users, such as portfolio valuation, holdings, and a day’s trading volume.
Usernames, passwords, birth dates, Social Security numbers, addresses, credit card or bank balance information, or other personal identification information were not included in the reports. The leaks also didn’t provide access codes, security codes, or logins for the Cash App Investing account, according to Block, CEO of which is Jack Dorsey.
The violation was reported to the appropriate regulatory agencies and law enforcement. Block’s investigation further into the matter is still ongoing, but the company does not expect it to hold an effect on its activities or financial performance.
“The company takes the security of information belonging to its customers very seriously and continues to review and strengthen administrative and technical safeguards to protect the information of its customers,” Block added in the statement. Block shares dropped 3.6 percent to $129.86 in premarket trading.

#Block #CashApp #CashAppInvesting #DataBreach #Hack