Exposed: Cash App (Block, Inc.)

Cash App is a mobile payment platform owned by Block, Inc. (formerly Square) with over 57 million monthly active users. The app combines peer-to-peer payments, direct deposit, Bitcoin trading, stock investing, and Buy Now Pay Later functionality through its Afterpay acquisition, creating a comprehensive financial surveillance platform that tracks spending across virtually every type of financial transaction. Cash App collects detailed transaction data including who users send money to and receive money from, the frequency and size of transactions, Bitcoin purchase and sale patterns, stock trading activity, direct deposit income data, and spending through the Cash App card. Block acquisition of Afterpay for $29 billion in 2022 merged BNPL purchase data with Cash App transaction data, creating itemized visibility into both everyday spending and financed purchases. The combination of payment data, investment behavior, lending patterns, and income information gives Block one of the most complete financial profiles of American consumers. Cash App has been repeatedly criticized for inadequate fraud protection, with the platform popular among scammers who exploit its instant, irreversible transfers. A 2022 Hindenburg Research short-seller report alleged Cash App inflated user metrics, facilitated fraud, and allowed accounts to be opened with stolen identities. The company processes approximately $250 billion in annual gross payment volume.