April 24, 2018

Facebook Comes Under FTC Scrutiny as Stock Slides

27 March 2018, 03:16 | Rudolph Thomas

Facebook Comes Under FTC Scrutiny as Stock Slides

Facebook sued for allegedly allowing housing discrimination

In Zuckerberg's explanation, an app built by a university researcher was responsible for leaking Facebook's data of millions of people in 2014.

The Federal Trade Commission has officially opened an investigation into Facebook's privacy practices.

Meanwhile, Sen. Chuck Grassley, R-Iowa, chairman of the Senate judiciary committee, invited Facebook CEO Mark Zuckerberg and the heads of Google and Twitter to testify before the committee about user privacy.

In the wake of the Cambridge Analytica scandal, in which data from over 50 million Facebook profiles was secretly scraped and mined for voter insights, many Facebook users have made a decision to delete their accounts - but untangling yourself from a site like Facebook is not as easy as pressing "delete".

The relationship has not only left Facebook users and others wondering how that personal information was used but also how Cambridge Analytica got their hands on it in the first place. More information about the firm is available through its website, and upon request from the firm.

Facebook said in a statement on Monday that the company remains "strongly committed" to protecting people's information and that it welcomes the opportunity to answer the FTC's questions. Facebook reached a settlement with the FTC in 2011 offering privacy assurances, though the FTC's probe may extend to Facebook's compliance with U.S. -EU principles for transferring data.

At the day's session low the company had lost $100 billion in market value since March 17, when newspapers first reported that Facebook member data was improperly used by consultants Cambridge Analytica to target US and British voters in close-run elections.

A statement was released by FTC Acting Director of Consumer Protection Tom Pahl on Monday.

Last week, the attorneys general of MA and NY announced they were launching investigations into Facebook.

The attorneys general are asking how Facebook monitored what these developers did with all the data they collected and whether Facebook had safeguards to prevent misuse. -European privacy accord, "or that engage in unfair acts that cause substantial injury to consumers in violation" of USA consumer protections. They also asked Zuckerberg for an update on how Facebook will allow users to control the privacy of their accounts more easily. The consultancy has been linked to the Donald Trump presidential campaign.

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