Cash App, owned by Block, Inc. a digital wallet service for American consumers, recently found itself in hot water over alleged data breaches and security lapses. The company had multiple data breaches and many of its customers might be eligible for payouts—some possibly more than $2,500.

The first data breach we know of happened in 2021, when a former employee of Cash App Investing (the company’s investment branch) downloaded sensitive reports regarding certain U.S. users without permission, compromising their information. The next incident occurred in 2023 when some Cash App accounts were accessed through linked, recycled phone numbers.

In the lawsuit against the company, the plaintiffs argue that the breaches weren’t just accidental lapses from the company. They claim that Block, Inc. and Cash App didn’t put sufficient controls in place to prevent unauthorized access, and what is even worse, allegedly mishandled complaints from affected customers. As a result of the evidence compiled, Cash App has agreed to settle these claims, and some users could benefit.

The Cash App settlement

The class action lawsuit was settled for $15 million, and the company admitted no wrongdoing in the matter. Those who are eligible, aka anyone who had a Cash App account, or a Cash App Investing account, between August 23, 2018, and August 20, 2024, will need to check what portion of the settlement they could get.

To get a piece of the pie, your account needed to have been accessed without your authorization, you needed to have experienced fraudulent withdrawals or transfers, or an error in your account would have needed to be mishandled by Cash App. If any of these scenarios apply to your case, you already know that you are eligible, however if you have had any other problem with the app you may need to file a separate suit to get compensated.

Nevertheless, if you think your complaint against the company would qualify for a piece of the settlement you will need to submit your claim by 10:59:59 p.m. PT on November 18, 2024. Claims can be submitted online or by mail, but if you’re opting to mail your paperwork, make sure it’s postmarked before the deadline, otherwise it will not be admissible. Address the envelope to “Cash App Settlement, Attn: Claim Form Submissions, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103.”

Even if your evidence gets accepted and you are able to claim part of the lawsuit money, not every affected person will be able to claim the same amount and the settlement includes some guidelines that will govern who gets how much.

Eligible users can claim up to $2,500 to cover out-of-pocket losses—this could mean costs tied to credit monitoring or other security measures you took after the breach. Cash App will also reimburse lost time for those who can prove that they lost significant time dealing with the fallout from these incidents. Those who can submit proof will be eligible for $25 per hour, for up to three hours. Additionally, if you lost money in unauthorized transactions, you can file for reimbursement, but you will need to have documentation on hand to back up your claim.

The approval process will not be immediate, but it will also not take long. Claims filed will get the go ahead by December 16, 2024, at the lates, as this is when a final hearing is scheduled. If the court does not find any issues with the claims or the settlement as a whole, payments should start rolling out after that date. Though the specific payout dates haven’t been confirmed, there’s a good chance you could see your settlement money early next year.

In the meantime, for current Cash App users,

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it’s a good reminder to double-check your account security. Make sure you’re using strong, unique passwords and enable two-factor authentication to reduce the chance of any future issues.