Monday May 20, 2019
Home Lead Story Three Fresh P...

Three Fresh Probes Over Privacy Violation hit Facebook

The US FTC judgment on Facebook’s privacy violation is slated to come later this year

0
//
Facebook, data,photos
A television photographer shoots the sign outside of Facebook headquarters in Menlo Park, Calif. VOA

Three countries have opened fresh rounds of investigations against Facebook for users’ privacy violations and security lapses.

New York Attorney General Letitia James on Thursday announced a probe into Facebook harvesting email contacts for up to 1.5 million new users.

A Facebook spokesperson admitted last week that emails of 1.5 million people were harvested since May 2016 to help build Facebook’s web of social connections and recommend other users to add as friends.

“It is time Facebook is held accountable for how it handles consumers’ personal information,” James said in a statement.

“Facebook has repeatedly demonstrated a lack of respect for consumers’ information while at the same time profiting from mining that data.”

Irish data protection watchdog on Thursday opened a probe into the breach of “hundreds of millions” of Facebook and Instagram user passwords that were stored in plain-text on its servers, TechCrunch repported

The Irish data protection authority will probe Facebook under the European GDPR data protection law, which could lead to hefty fines.

facebook
FILE – A 3D printed Facebook logo is seen in front of a displayed Russian flag in this photo illustration, Aug. 3, 2018. VOA

In Canada, the Office of the Privacy Commissioner said it will take Facebook to federal court to force the social networking giant to correct its “serious contraventions” of the Canadian privacy law.

“Canadian authorities confirmed that the beleaguered social networking giant broke its strict privacy laws,” the report said,

Battling several privacy violations, Facebook has kept aside $3 billion, anticipating a record fine coming from the US Federal Trade Commission (FTC) related to the Cambridge Analytica data scandal that involved 87 million users.

Also Read- Intel Stock Fell as Chip Maker cut Revenue Forecast

“In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3 billion in connection with the inquiry of the FTC into our platform and user data practices,” the social networking giant wrote in its earnings statement.

“We estimate that the range of loss in this matter is $3 billion to $5 billion,” added Facebook.

The US FTC judgment on Facebook’s privacy violation is slated to come later this year. (IANS)

Next Story

Facebook Building its Cryptocurrency in Switzerland: Report

Facebook has over 2.38 billion users globally and launching cryptocurrency will allow them make payments using a virtual currency like Bitcoin

0
facebook
FILE - A 3D printed Facebook logo is seen in front of a displayed Russian flag in this photo illustration, Aug. 3, 2018. VOA

Giving its cryptocurrency dream a firm beginning, Facebook has reportedly set up a company called Libra Networks in Switzerland that is developing payments and Blockchain systems for the social networking giant.

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cyrptocurrency would be tied to the US dollar and could, therefore, remain stable unlike Bitcoin which has crashed.

“Facebook set up Libra Networks in Geneva several weeks ago. Libra is the social network’s internal project name for the digital currency,” the report said late on Saturday.

The Swiss company would focus on developing the software and hardware for currency-related functions like payments, Blockchain, analytics, big data and identity management.

Facebook declined to comment on the new report.

According to a report in The Wall Street Journal earlier this month, the social media giant is “recruiting dozens of financial firms and online merchants” towards its cryptocurrency-based system that would use a digital coin similar to Bitcoin.

virtual currencies, bitcoin, investors
Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York. VOA

The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.

“Like many other companies, Facebook is exploring ways to leverage the power of Blockchain technology,” Facebook had insisted.

In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is “potentially interested” in putting the Facebook login on the Blockchain technology.

Also Read- Chinese Shout ‘Boycott Apple’ as US Goes After Huawei

“I’m thinking about going back to decentralised or Blockchain authentication. Although I haven’t figured out a way to make this work out but this is around authentication and basically granting access to your information and to different services,” Zuckerberg told Zittrain.

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps.

Facebook has over 2.38 billion users globally and launching cryptocurrency will allow them make payments using a virtual currency like Bitcoin. (IANS)