Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #8716983
Complaint Overview
Complaint ID: 8716983
Company: Block, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Fraud or scam
State: Texas
ZIP Code: 77019
Date Received: 2024-04-07T12:00:00-05:00
Date Sent to Company: 2024-04-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My mom started talking to this woman who presented herself nicely on XXXX and had her invest into a platform that was " going to make her more money ''. I started to see my mom profiting off of her trades and wanted to also invest some money since it looked so easy. She had me create an account on XXXX and there I had a wallet where I would buy bitcoins from cash app and put it into my wallet on XXXX so I can day trade it. She would tell me when to trade and how many amounts. I invested {$2000.00} on my account it showed I profited {$12000.00}. When I went to withdraw the amount they told me I needed a withdrawal pin. In order to get this pin I needed to pay XXXX 5 % of the amount I want to take out into some bitcoin wallet. I paid the 5 % which was {$450.00} and after that it showed I needed to pay a commission fee before being able to withdraw all of my money. After that they wanted you to pay the 20 % commission fee up front before you receive any of your money. After this I realized I just lost all of my savings and I was scammed. I contacted cash app since this is where I was purchasing my bitcoin and told them this was a scam and they told me basically they couldn't help me. How can we trust such a popular app to send and receive money when they won't even protect you from people stealing from you.
Frequently Asked Questions
What is Complaint #8716983 about?
Complaint #8716983 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 2024-04-07T12:00:00-05:00.
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.