Block, the parent company of Cash App, has agreed to pay $45 million to settle with nearly 50 U.S. state regulators over allegations of misleading security promotion and insufficient anti-fraud measures. Regulators alleged that Block marketed Cash App as having financial security comparable to traditional banks, but failed to establish a comprehensive fraud detection system and did not provide an effective scam reporting hotline, leading to user losses from scams. Regulators also alleged that Block, knowing that scams were increasing, continued marketing activities and amplified scam risks in its promotional activities. Under the settlement agreement, Block is required to improve its customer support services, provide 24-hour live customer service, and stop making related promotions/advertising about Cash App’s security. Block denied any wrongdoing, stating that the settlement involves previously disclosed historical legacy issues. (The Block)