The Consumer Financial Protection Bureau (CFPB) has ordered Block Inc., the operator of peer-to-peer payments app Cash App, to pay $175 million in refunds, compensation, and penalties for certain deficiencies.

The CFPB is also ordering Block to fix Cash App’s customer service and its processes for investigating disputed transactions, in part by setting up 24-hour, live-person customer service. The order requires Block to fully investigate unauthorized transactions and to provide timely refunds when appropriate.

Jack Dorsey’s Block Inc. will pay up to $175 million for failing to investigate and protect Cash App customers from fraudulent transactions under a settlement with the Consumer Financial Protection Bureau.

The Consumer Financial Protection Bureau (CFPB) on Thursday ordered payments firm Block to pay a penalty citing fraud and weak security protocols on its mobile payment service Cash App. The regulator said Block deprived Cash App users of meaningful and effective customer service and left the network vulnerable to criminals defrauding users.

Cash App-owner Block must offer up to $120 million in refunds to consumers who federal regulators say were exposed to potential fraud.

The Consumer Financial Protection Bureau (CFPB) announced today that's it's fining Block, the creator of Cash App and parent company of Square, $120 million in "refunds and redress" and a $55 million fine for how the company handled fraud on its payment platform.

Today, Block, Inc., the parent company of Cash App, agreed to pay $175 million after the Consumer Financial Protection Bureau accused the company of several unfair customer practices and Customer Financial Protection Act violations.

Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.

Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said.The Consumer Financial Protection Bureau ordered Block to refund up to

According to CFPB, Block's security protocols for Cash App were insufficient, exposing users to potential fraud.

The Consumer Financial Protection Bureau ordered Cash App (SQ) operator Block to pay a total of up to $175 million for failing to address fraud on the mobile payment network.