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accusing the company of facilitating fraud and enabling illicit activity on Cash App. The report claims that Cash App's lax onboarding requirements resulted in a prevalence of fraudulent accounts.
Hindenburg's report referred to Cash App's compliance strategy as a"Wild West" approach and claimed 40% to 75% of Cash App accounts reviewed by former employees were"fake, involved in fraud, or were additional accounts tied to a single individual." "We are a highly regulated public company with regular disclosures, and are confident in our products, reporting, compliance programs, and controls.
Bain Capital Ventures' Harris took issue with the report's characterization of interchange as"some Machiavellian scheme," he said, despite being a standard revenue stream in the industry.
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