Attorney General Mayes today announced a $45 million multistate settlement with Block, Inc., the company behind the popular peer-to-peer payments app Cash App. The settlement resolves allegations that Block misled consumers about the safety of Cash App, failed to protect users from fraud on the platform, and didn’t provide the fraud protection and resolution that it promised and that was required by law. Under the consent judgment Block will pay $ 761,415.15 to Arizona.

"Block told Cash App users their money was safe – implying that the app worked like a bank, with the same protections, which wasn’t true. At the same time, Block knew fraud on its platform was rising sharply – and instead of warning users or strengthening protections, it doubled down on marketing." – AG Mayes