What you need to know
- The Cash app has experienced a major security breach.
- The breach has potentially affected over 8 million users.
Cash app users aren’t having a great day.
Users of the Cash app woke up today to an unfortunate surprise.
As reported by TechCrunch, Block, the parent company of the Cash app, has confirmed a data breach affecting potentially over 8 million users. According to the company, a former employee from the company downloaded reports that contained customer information.
Block says that the information was accessed by the former employee in December of last year and that the company has taken measures to prevent another incident.
“While this employee had regular access to these reports as part of their past job responsibilities, in this instance these reports were accessed without permission after their employment ended,” the filing reads. Block refused to answer our questions about why a former employee still had access to this data, and for how long they retained access after their employment at the company had ended.
“At Cash App we value customer trust and are committed to the security of customers’ information,” Cash App spokesperson Danika Owsley told TechCrunch in a statement. “Upon discovery, we took steps to remediate this issue and launched an investigation with the help of a leading forensics firm. We know how these reports were accessed, and we have notified law enforcement. In addition, we continue to review and strengthen administrative and technical safeguards to protect information.”
According to the SEC filing, the customer information that was accessed included names, account numbers, account value, holdings, and trading activity. While the company did not say exactly how many users were affected by the breach, they did say that they are contacting 8.2 million users about it.
The Cash app is extremely popular for those looking to send money to friends and has also made the jump into investments, including Bitcoin.