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.

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

Two technology trade groups sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the regulator supervisory authority over payment apps and digital wallets from large non-banks.

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

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.

After a fintech startup recently lost its users funds, it is hard to find sympathy for tech companies seeking loosened regulation.

If you lost money to scammers or had your account frozen on a popular peer-to-peer payment platform, you might be due for a refund.

The parent company of Cash App has been ordered to pay up to $120 million to fraud victims, in addition to a $55 million penalty. Here's what to know.

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 ordered Block (NYSE:SQ) to pay restitution of up to $120M and a penalty of $55M over alleged weak security protocols for its Cash App, the agency said on Thursday.