In this technological age, all information and services are available through the internet and it is easily streamed through an electronic medium. So, it is quite possible that many scams, phishing attacks, virus attacks, and hacking is possible. So, even though technology has introduced many safe and encrypted apps and malware for scams and online theft protection.
Still, you can't deny the data breach over the apps. Further, one of the famous Cash App which is responsible for safe online transactions in the USA, and the UK also faced Cash App data breach due to its formal employees. Additionally, we will discuss Cash App data breach and its working phenomenon.
What Is Cash App Data Breach?
The Cash App offers safe and encrypted payments and online transactions which go through the utmost fraud detection technology and security protocols. And, by it, safe and online services have been providing services to millions of customers. But one of the former employees of the Cash App, faced a Cash App data breach, as the secure data of customers was hacked by him and was used for personal benefits from time to time. The employee had access to the data, but once he lived the company, he downloaded it and used it for stock investment, money laundering, and any other benefits.
Therefore it affected around 8.2 million Cash App users as of now. Once the Cash App users noticed the unusual activity in their account, they started raising complaints to customer care support and later on due to the multiple complaint cases. Cash App had collectively investigated the issue's core reasons. So, here the United States Securities and Exchange Commission (SEC), Block discovered on the crucial investigation, that it happened due to the Cash App data breach by one of its former employees, who had access to the user's accounts.
What Important Information Was Stolen In Data Breach Cash App?
As, the data breaching was done by its former employee, so they must be aware of all the relevant Cash App services and their required credentials. So, the employee who had access to the individual account downloaded all the customers’ data once he left the company.
So, here is the list of the Cash App account details of the Cash App users and all relevant pieces of information:
- Full name of the Cash App account holder
- Brokerage account number of the user
- Brokerage portfolio values
- Brokerage portfolio holdings
- The one-day stock trading activity of the users holding trading accounts.
- Cash App’s user names, cashtag
- Passwords
- Social Security numbers
- personally identifiable details
What is The Cash App Data Breach Lawsuit?
As you know, the Cash App data breach affected around 8.2 million users, so there are numerous grieved Cash App users. So, a Cash App lawsuit on Cash App breach had been conducted for the welfare of the Cash App users, who had gone through the Cash App breach. In lieu of it, any current or former Cash App user has received a notice of data breach. They may be entitled to their loss incurred and can get the required monetary compensation as per the Cash App and confidential data breach policies and Block’s investigations.
What Precautions Can An Organization Take To Avoid A Future Cash App Data Breach?
The Cash App data breach was a huge loss for the organization, as this forced the Cash App users to either deactivate their Cash App accounts. Or, the complete dismissal of Cash App. So, this drastically reduced the market share of the Cash App due to data theft.
Hence, this history could be repeated again, many organizations had collectively made some policies and possible preventive measures so that the organizational secure credential will be safe in the future. Here are the preventive measures, which any organization can use and avoid future data breaching possibilities:
Employees should be restricted to access data outside the organization:
The Cash App data breach happened because of a lack of essential security controls. So, there should be an organizational security protocol, which could prevent access control once the employee leaves their respective organization.
Securing all accounts with MFA security protocols:
The Cash App breach has learnt a lesson, that there must be tight security protocols for everyone working under the organizations. So, every organization must be secure with Multi-factor Authentication (MFA) authentication method. It prevents the users from hacking their accounts and saves them two or more verification factors to gain access to their users' accounts. So, here users all account info will be automatic, as they use their account details, phone numbers, SSN, and any other details to carry on their account’s access.
Fraud detection and data leak detection solutions:
Every organization has started the fraud detection process or any usual login attempt detection for their individual users' accounts. And, if it happens, a user gets an immediate notification related to their recent activities, whether it is login attempts from scams, any other locations, or any kind of transaction done via their account details. As well, under data leak detection, any sensitive information leakage will be notified immediately by ransomware blogs.
Summary
Hopefully, all the pieces of information related to the Cash App data breach have been correctly shared. So, in case any Cash App users have gone through the breach. They can be held liable for any monetary compensation that occurs due to a data breach. Cash App data breach-related queries and their quick resolution. They may contact the Cash App customer care team. And it will be perfectly taken care of with all the security protocols and preventive measures, and maintenance shared as per the Cash App lawsuits.