Cash App experienced a data breach in December 2021, which was disclosed to the public in April 2022. So technically the hack is not from 2023 but from 2021. This breach affected approximately 8.2 million customers, as confirmed by Cash App’s parent company, Block. The incident involved a former employee who downloaded reports containing U.S. customer information without authorization after their employment had ended. The breach did not include sensitive data such as usernames, passwords, date of birth, or Social Security numbers. However, the information accessed in the breach was significant enough to raise concerns about potential financial fraud and the targeting of individuals with substantial funds in their Cash App accounts.
To safeguard against potential fraud, it’s recommended for users to monitor their credit, set up credit freezes, and use two-factor authentication for their financial accounts. Updating usernames and passwords, especially if they are similar to those used on Cash App, is a prudent step to enhance security.
Regarding the Cash App data breach that occurred in December 2021, the key points to remember are:
- Scope of the Breach: The breach affected approximately 8.2 million customers. The information accessed included reports containing U.S. customer information but did not include direct financial data like usernames, passwords, Social Security numbers, or dates of birth.
- Circumstances of the Breach: The breach was caused by a former employee who downloaded reports containing customer information without proper authorization after their employment had ended.
- Response and Precautions: In response to the breach, Cash App began notifying affected customers. For users of Cash App, it was advised to change any credentials similar to their Cash App login information, especially if used for other financial accounts.
- Financial Information Security: Users were encouraged to take additional security measures such as monitoring their credit, setting up credit freezes, and implementing two-factor authentication for their financial accounts to safeguard against potential fraud.
- Legal and Regulatory Compliance: Cash App’s parent company Block reported the breach in compliance with regulatory requirements and took steps to address the security lapse.