Consumer complaint received 2023-06-22
Company: Block, Inc.
State: DE
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem

Complaint:
Subject : Urgent Request for Investigation of Fraudulent Transactions Dear Cash App Support, I hope this letter finds you well. I am writing to express my deep concern regarding the lack of investigation into the disputed fraudulent transactions that occurred on my Cash App account. Despite providing you with a police report detailing the fraudulent activities, I have not received any response or updates on the matter. 

First and foremost, I would like to highlight the urgency and seriousness of this issue. Fraudulent transactions not only violate my trust in your platform but also constitute a criminal offense. As a victim of this fraud, I rely on your commitment to resolve such matters promptly and thoroughly. 

According to the Electronic Fund Transfer Act ( EFTA ), which is enforced by the Consumer Financial Protection Bureau ( CFPB ), financial institutions such as Cash App are required to investigate and resolve customer disputes within a reasonable time frame. Section XXXX005.11 of Regulation E specifically outlines the responsibilities of financial institutions in investigating alleged errors and unauthorized transactions. It states : " Within 10 business days after receiving a notice of error, the financial institution must investigate and determine whether an error occurred. '' Moreover, the Fair Credit Billing Act ( FCBA ) provides additional protections for consumers facing unauthorized charges. Under the FCBA, financial institutions must acknowledge receipt of a billing error notice within 30 days and resolve the dispute within two billing cycles, but not exceeding 90 days. Failure to comply with these regulations can result in penalties imposed by the CFPB. 

Given the aforementioned legal obligations, I kindly request that you initiate a thorough investigation into the fraudulent transactions on my Cash App account. The police report I submitted clearly demonstrates that a crime has been committed, and it is imperative that you take immediate action to rectify the situation. 

I understand that fraudulent transactions can be complex to investigate, but it is your responsibility as a financial institution to protect your customers and ensure the security of their funds. I urge you to prioritize this matter, provide regular updates on the progress of the investigation, and expedite the resolution process. 

If necessary, I am prepared to escalate this matter further by seeking assistance from regulatory authorities, such as the CFPB, to ensure that my rights as a consumer are upheld and that appropriate actions are taken to address the fraudulent activities. 

I look forward to your prompt attention to this matter. Please provide me with an update regarding the investigation within10 business days. I can be reached at the contact information provided above. 

Thank you for your immediate attention and cooperation. I trust that you will handle this matter in accordance with the relevant laws and regulations governing financial institutions.

Company response to consumer: Closed with explanation