Tuesday, March 20, 2018

U.S Federal Trade Commission Investigating Facebook (FB)

Following up on "Facebook and Google: The Data Monopolists Face Regulatory Backlash".

From Bloomberg:

  • Agency investigating whether data use violates consent decree
  • Facebook is under 2011 FTC settlement for privacy violations

Facebook Inc. is under investigation by a U.S. privacy watchdog over the use of personal data of 50 million users by a data analytics firm to help elect President Donald Trump.

The U.S. Federal Trade Commission is probing whether Facebook violated terms of a 2011 consent decree of its handing of user data that was transferred to Cambridge Analytica without their knowledge, according to a person familiar with the matter.

Under the 2011 settlement, Facebook agreed to get user consent for certain changes to privacy settings as part of a settlement of federal charges that it deceived consumers and forced them to share more personal information than they intended. That complaint arose after the company changed some user settings without notifying its customers, according to an FTC statement at the time.

Spokesmen for Facebook and the FTC didn’t immediately respond to requests for comment.

If the FTC finds Facebook violated terms of the consent decree, it has the power to fine the company thousands of dollars a day per violation.

Facebook declined in New York trading, falling 3.2 percent to $167 as of 9:31 a.m. in New York. That follows a drop of 6.8 percent Monday....MORE
Following yesterday's tumble the stock is at $165.75 down another $6.81 (-3.95%).


Facebook and Google: The Data Monopolists Face Regulatory Backlash

Some Insight Into Facebook's Capabilities For Politicians: The Obama Campaign (FB)

Facebook's Regulatory Risk Is Real and It Is Magnificent (FB)

"Is Profit-Maximizing Data-Mining Undermining Democracy?" (FB; EVIL)