Facebook Unveils Cryptocurrency Libra in Bid to Reshape Finance

SEC fine for cryptocurrency trading company

Facebook Inc. unveiled plans to launch a cryptocurrency in a move that could diversify its business from advertising while expanding into financial services long dominated by Wall Street. The cryptocurrency, called Libra, will be a secure blockchain-based payment system backed by hard assets and designed for ordinary users, making it among the boldest efforts yet… Continue reading Facebook Unveils Cryptocurrency Libra in Bid to Reshape Finance

How Privacy Rules Will Affect the Ad Industry

This year companies are expected to spend $333 billion globally on online advertising, with plenty of that spending driven by advertisers’ ability to target consumers based on their web-browsing histories, physical location, app usage, income levels and other information. But a surge in privacy regulation around the globe has marketers, publishers and platforms scrambling to… Continue reading How Privacy Rules Will Affect the Ad Industry

Facebook Facing 20-Year Consent Agreement with U.S. Government After Privacy Lapses

Facebook Cambridge Analytica suit

The social media giant Facebook Inc is headed toward an agreement with the U.S. government over its privacy policies and practices that would put it under 20 years of oversight, according to a source knowledgeable about the discussions. The agreement would resolve a probe of whether the company violated a similar consent pact reached in… Continue reading Facebook Facing 20-Year Consent Agreement with U.S. Government After Privacy Lapses

Facebook Expects to Be Fined Up to $5 Billion by F.T.C. Over Privacy Issues

Istanbul, Turkey - April 29, 2018: Person holding a brand new Apple iPhone X with Facebook profile on the screen. Facebook is a social media online service for microblogging and networking, founded in February 4, 2004.

Facebook said on Wednesday that it expected to be fined up to $5 billion by the Federal Trade Commission for privacy violations, in what would be a record penalty by the agency against a technology company. The social network disclosed the amount in its quarterly financial results, saying it estimated a one-time charge of $3… Continue reading Facebook Expects to Be Fined Up to $5 Billion by F.T.C. Over Privacy Issues

EU Approves Tougher Copyright Rules in Blow to Google, Facebook

Computer, Desktop PC, Push Button, Silver - Metal, Single Word

Google will have to pay publishers for news snippets and Facebook filter out protected content under new copyright rules aimed at ensuring fair compensation for the European Union’s $1 trillion creative industries. EU governments on Monday backed the move launched by the European Commission two years ago to protect Europe’s creative industries, which employ 11.7… Continue reading EU Approves Tougher Copyright Rules in Blow to Google, Facebook

Millions of Facebook Records Found on Amazon Cloud Servers

Social Network Backgrounds

Facebook Inc. user data is still showing up in places it shouldn’t. Researchers at UpGuard, a cybersecurity firm, found troves of user information hiding in plain sight, inadvertently posted publicly on Amazon.com Inc.’s cloud computing servers. The discovery shows that a year after the Cambridge Analytica scandal exposed how unsecure and widely disseminated Facebook users’… Continue reading Millions of Facebook Records Found on Amazon Cloud Servers

Facebook Says Millions of Users’ Passwords Were Improperly Stored in Internal Systems

APRIL 8, 2018: Phone sitting on laptop with Facebook desktop site reflecting on screen. The social media giant's stock has dipped sharply since the Cambridge Analytica scandal.

Facebook Inc. stored hundreds of millions of user passwords in a format that was accessible to its employees, in yet another privacy snafu for the social-media giant. Facebook estimated it will notify hundreds of millions of Facebook Lite users, tens of millions of other Facebook users, and tens of thousands of Instagram users, the company’s… Continue reading Facebook Says Millions of Users’ Passwords Were Improperly Stored in Internal Systems

Facebook Settles Lawsuits Alleging Discriminatory Ad Practices

Facebook privacy lawsuit

Facebook on Tuesday agreed to enact sweeping reforms to its ad-targeting system as part of a settlement with civil rights groups alleging the tech giant allowed advertisers to discriminate against marginalized groups. Under the settlement, which comes in response to five separate legal actions alleging discrimination by Facebook’s advertising system, Facebook will no longer allow… Continue reading Facebook Settles Lawsuits Alleging Discriminatory Ad Practices