Cash App owner Block to pay $45 million after states say it made false security promises

60-second summary

Block Inc. is agreeing to pay $45 million to settle allegations from nearly every U.S. state that it made false security promises. States claim Block misled consumers about the security of Cash App, its popular digital payment service. This settlement comes as regulators increasingly scrutinize financial apps for data protection and security. The industry is likely to face heightened scrutiny.