The company behind the popular mobile payment service Cash App has announced that it’s suffered a large-scale data breach, with approximately 8.2 million of its current and former customers affected.
Cash App data breach explained
On Monday, April 4th, Block, the financial services and digital payments company behind Cash App filled a report with the U.S. Securities and Exchange Commission.
The report explains that the breach was caused by a former employee, who on December 10th, 2021, downloaded certain reports containing customer data relating to Cash App customers who use the company’s Cash App Investing service.
Although the company stated that no “usernames or passwords, Social Security numbers, date of birth, payment card information, addresses, bank account information, or any other personally identifiable information” was compromised, the downloaded reports did contain customers’ full names and brokerage account numbers — which are unique ID numbers associated with Cash App Investing customers’ stock activity.
What is being done to resolve the issue?
After discovering the breach, Block notified law enforcement and, with the help of an unnamed leading forensics firm, launched a currently ongoing investigation into the incident. The company is also in the process of contacting all 8.2 million affected customers to make them aware of the breach as well as notifying the applicable regulatory authorities.
Block stated that it “takes the security of information belonging to its customers very seriously and continues to review and strengthen administrative and technical safeguards to protect the information of its customers.”
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