The Consumer Financial Protection Bureau on Thursday ordered payments firm Block to pay a penalty, citing fraud and weak security protocols on its mobile payment service Cash App.

Cash App-owner Block must offer up to $120 million in refunds to consumers who federal regulators say were exposed to potential fraud.

If you lost money to scammers or had your account frozen on a popular peer-to-peer payment platform, you might be due for a refund.

The money transferring app, owned by Jack Dorsey’s Block Inc., is accused of “allow[ing] fraud to proliferate” by the Consumer Financial Protection Bureau.

Key Points ・Federal agency orders $175 million settlement for reported fraud and service failures ・Block, operator of Cash App, is required to overhaul security and refund consumers. ・Potential changes may affect how millions use popular peer-to-peer payment platforms.

Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.

Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said. The Consumer Financial Protection Bureau ordered Block to refund up to $120 million to users harmed by fraud,