Cash App is a mobile app that allows people to pay each other for things like products and services, donations, and even just splitting the bill at a restaurant. Their parent company is Block, and the app was initially released in 2013.
Block, the parent company of Cash App, confirmed it suffered a data breach. The company, headed by former Twitter CEO Jack Dorsey, admits Cash App was illegally accessed. Cash App is known for being a user-friendly way of moving money around on an as-needed basis.
A former employee accessed the sensitive information in the winter of 2021. Block, previously referred to as Square, officially filed with the SEC in early April. The filing acknowledged that an employee of the business improperly accessed the company's Cash App in the winter of 2021. The data leak included information about the customers ranging from their full names to account numbers, transactions, portfolio value, and more.
This breach occurred in December 2021.
The breach impacts Cash App customers. Cash App will also be impacted as the data theft will reduce the company's customer retention rate as well as its reputation as a supposedly trustworthy business with nearly impenetrable digital safeguards. However, it is worth noting that Cash App is not the only crypto platform targeted in recent months. The lack of industry regulation combined with rapid growth has given digital criminals considerable pickings.
Cash App has not stated how many customers were impacted by the breach. However, it has been reported that the crypto specialist reached eight to nine million customers to inform them that their data might have been illegally accessed.