FTC and SEC Charge Facebook for Data Misuse
Facebook Users Beware:
The social network’s decision makers are under the gun once again for mishandling user data.
It was only last month that the Federal Trade Commission fined notoriously sloppy social network Facebook a record $5 billion for sharing user data to third party developers. Data included millions of users’ phone numbers, which Facebook collected under the guise of a security feature known as “two-factor authentication.”
According to the SEC, Facebook not only duped its users, it also misled shareholders, insinuating that this very data misuse was merely hypothetical. Facebook settled for $100 million—the “highest penalty the SEC has ever assessed for this kind of disclosure failure.”
Is it time to delete your Facebook data (as much as possible)? Perhaps.
To protect your family from cyber and privacy-related attacks including identity theft, cyber-bullying, ransomware, and exploitation