$45 million for a lesson: Cash App's security pitch backfired expensively.

Block agrees to pay $45 million to regulators to settle claims involving Cash App’s misleading security claims, inadequate fraud prevention, and lack of an effective fraud reporting channel. The settlement requires Block to improve customer support, provide 24-hour live-agent assistance, and stop promoting Cash App's security. Block denies any wrongdoing and says the settlement resolves legacy issues.