Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4916251
Complaint Overview
Complaint ID: 4916251
Company: Block, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
State: Illinois
ZIP Code: 606XX
Date Received: 2021-11-16T12:00:00-05:00
Date Sent to Company: 2021-11-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, On XX/XX/2021, I received a cash app payment from my daughter in the amount of {$200.00}. I decided to cash out the funds back to my bank account. I also sent a {$20.00} donation to a friend as a donation for a food purchase for a family who lost their mom on yesterday. This morning neither transaction was showing in the Cash App. I also use this same platform to invest in stocks. Because my transactions from XX/XX/2021 still weren't showing, I checked my stocks and found that 94 % of my money was gone and the stocks selected for my investments were no longer showing on the platform, i.e., XXXX XXXX, XXXX, etc. On XX/XX/XXXX, I had a balance just over {$4100.00}. Today ( XX/XX/XXXX ), I have less than {$200.00}. I checked my stocks on the stock exchange to determine what happened in the market and found that there were no significant losses. Yet, my money is gone. In addition, the site does not show what my stock investments are, but does show my total invested amount and current balance as of the close of yesterday. I also make bi-weekly purchases for certain stocks, and those are not showing in my history. Ironically, there is a Bitcoin balance of {$92.00}, and I have never purchased Bitcoin. I can only assume that I have been hacked because nothing else makes sense. I did take photos of what is currently showing on the screen at different intervals during the day for XX/XX/2021. However, the site was showing balances for a timetable for today for afternoon transactions and yet it was only XXXX XXXX. when I checked my account balances this morning. I submitted an inquiry and was told someone would be in touch within 2 hours. I have not received a follow-up but in the interim I wanted this information regarding this scam to be published immediately. I realize there is risk when investing in the stock market. However, I have been participating for quite some time and understand the risks. I have lost a few dollars here and there, and that's to be expected. However, I am positive that I have been scammed because I don't show any significant losses on yesterday for my selected stocks. Any assistance you can provide is greatly appreciated. Best regards, XXXX XXXX
Frequently Asked Questions
What is Complaint #4916251 about?
Complaint #4916251 was filed against Block, INC. regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2021-11-16T12:00:00-05:00.
How did Block, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Block, INC.?
Yes, visit the Block, INC. company profile at readthecomplaint.com/company/block-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.