Cash App User Data Accessed By Former Block Employee: What You Need To Know
Block Inc., the parent company of the cash app, has confirmed a data compromise that affected users of the mobile payments service. Cash app is a mobile payment system that Block first released in 2013. It is a significant service in its field, alongside Venmo. In 2021, it will be reported that there are 70 million users who transact annually and make $1.8 billion in profit.
Block was founded by Jack Dorsey, Twitter CEO, and founder. He also owns several popular services other than the Cash App. These include Tidal streaming music, Square payments platform, and TBD crypto platform. The company was previously known as Square, but it changed its corporate name last year to Block. Square Cash was previously known as Cash App.
Block disclosed in a filing to the United States Securities and Exchange Commission on April 4 that a former employee had downloaded and accessed company documents that contained customer information. The company claims the leaked data includes the users’ full names and portfolio values, and stock trading activity during one trading day. Block argues that no other personally identifiable information was exposed in the data breach. The downloaded reports didn’t include passwords, Social Security numbers, or dates of birth, nor did they contain payment card information, addresses, bank information, etc. Other Cash App features, including addresses and bank account information, were not affected by the leak.
Block is investigating the data breach.
Although the data breach occurred on December 10, 2021, it is unclear whether any data leaked includes information about that day. Block didn’t confirm the number of customers directly affected by the data breach but stated that notifications were being sent to 8.2 million users informing them about the incident. Block also noted that the company has initiated an internal investigation and notified all relevant regulatory authorities and law enforcement. The company is confident that the study will not have any negative impact on its future business and operations, even though it is still in its final stages.
Companies large and small have been affected by data breaches. Numerous companies have reported data breaches in the past few years, including Samsung and Nvidia, Robinhood, and T-Mobile, Capcom, T-Mobile, and Spotify. While most data breaches were caused by cyber-criminals accessing company servers from outside, the cash App data breach was done by an employee who had unauthorized access to user data.