Heres what you need to know about the 5 billion FacebookFTC settlement

first_img Tags Facebook reached a record $5 billion settlement with the FTC this week. Graphic by Pixabay/Illustration by CNET After more than a year of wrangling, Facebook and the Federal Trade Commission finally agreed to settle an investigation into the social network’s privacy mishaps. The result: Facebook will create a new privacy council, CEO Mark Zuckerberg will be required to certify the company’s behavior, and the social network will have to — we sort of can’t believe we have to write this but we do — encrypt your password.Oh, yeah. There was also a $5 billion fine, a penalty the FTC called “unprecedented.”The settlement comes after the FTC looked into whether Facebook should have done more to prevent Cambridge Analytica, a now-defunct consultancy that worked on President Donald Trump’s campaign, from siphoning off the data of up to 87 million users. Specifically, the FTC was concerned that Facebook’s failure to safeguard that data violated an earlier agreement Facebook made to protect user privacy. Here’s all you need to know about the settlement and how it impacts you.I’m a Facebook user. How do I get some of that $5 billion?Short answer: You don’t. Longer answer: Facebook users weren’t financially harmed, though being hammered with political ads might seem like it deserves compensation. So no fund is being set up to pay victims. Instead the money will go straight to the US Treasury.We know that’s disappointing, particularly if you’ve been following the $700 million settlement that Equifax struck after it was hacked. On Monday, the FTC said the 147 million Equifax customers whose data was swiped could claim compensation for costs caused by the security breach, including unauthorized charges to your account and money spent to protect yourself from the threat of identity theft. About $300 million from the settlement will be set aside to pay consumers affected by the hack.Well, that’s disappointing. What’s this about a new privacy committee?The agreement requires Facebook to form a privacy committee at the board-of-directors level. The committee will do one thing: oversee privacy at Facebook. And all the members will be independent, meaning their day jobs can’t be at Facebook. 18 Photos 0 3:28 Post a comment Politics Tech Industry Now playing: Watch this: The committee, when it is created, will have a lot of power. It will be able to remove privacy compliance officers, who will be responsible for executing the company’s policies. It will also be able to fire the company’s privacy assessor, a newly created position that will evaluate Facebook’s policies and produce a report every two years. (The committee will need the FTC’s approval to remove the assessor.) The committee members are also well protected. A member can only be fired without cause by a supermajority of voting shares.I heard something about a new privacy program at Facebook. What’s that about?In broad brush, Facebook has to conduct privacy reviews of all new or modified products and services. That could be apps it designs or physical products, like its Portal video chat device. The company has to share written privacy reviews with Zuck (which seems like common sense), as well as the assessor and the FTC, if it wants to have a peek. The privacy program has to include other Facebook services, such as WhatsApp and Instagram.So Zuck is on the hook?Yes, for anything that happens in the future. The settlement requires him to certify that Facebook is in compliance with its privacy program every quarter. He could face “civil and criminal penalties” if he doesn’t or gets it wrong. He also isn’t the boss of the independent privacy committee or assessor.Anything else I need to know about the settlement?There are some interesting — and scary — loose ends. The social network has to encrypt user passwords, can’t use phone numbers given as part of two-factor authentication for advertising, can’t retain personal information that users deleted on its servers and can’t let employees have free access to user information.That’s it, right?As long as you don’t count the controls that are being put in place for facial recognition. Basically it boils down to this: Facebook has to get your permission on facial recognition matters before it does anything. What comes next?Facebook is still facing regulatory scrutiny from the FTC and other government agencies. The FTC told the company in June it was investigating the social media giant for antitrust concerns. The Department of Justice also said this week that it’s kicking off an antitrust review into internet giants and how they achieved market power, signaling it would target social media companies like Facebook. Facebook FTC settlement puts Zuck personally on the hook Share your voice Facebook’s video calling smart display connects you with friends and family Privacy Facebook FTClast_img read more

Senior bank official arrested for approving loan against fake docs

first_imgKolkata: Police arrested a senior official of a nationalised bank on charges of sanctioning loan against “fake documents” furnished by a borrower. Police said a complaint was lodged against the 52-year-old official, Om Prakash Ram, with the Bidhannagar East Police Station on December 30 in 2017. Based on the complaint, police had initiated a probe and preliminary investigation revealed that the document against which the loan was sanctioned was fake. Also Read – Heavy rain hits traffic, flightsHe is a resident of Haridevpur area. A police officer stated that some borrower showed fake documents to get a loan and the official, who was then the manager of the particular branch of the nationalised bank, sanctioned it. It was alleged that “the man being manager of the branch was instrumental to materialise the loan without proper verification”.Based on the allegations, police had initiated a case under several sections of the Indian Penal Code (IPC) on charges of Forgery for purpose of cheating (468 IPC), cheating and dishonestly inducing delivery of property (420 IPC) and acts done by several persons in furtherance of common intention (34 IPC). Sources said the police questioned the person in this connection and he was arrested after discrepancies found in his statement.last_img read more

What You Need To Know About Facebook Mobile Ads

first_img Opinions expressed by Entrepreneur contributors are their own. Growing a business sometimes requires thinking outside the box. 5 min read Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global January 23, 2013 Not only did Facebook hit the one billion active user mark last year, but the number of people accessing the social site primarily over mobile devices also skyrocketed, to about 60 percent of total users. And co-founder Mark Zuckerberg has said that mobile users are 20 percent more likely than desktop users to go on Facebook on a given day.What business owners should take note of: Mobile advertising on Facebook is said to be producing better results than ads that appear in the right-hand column or in the news feeds for desktop-only users. And click-through rates on Sponsored Stories have been, on average, 12 times higher on mobile devices than on desktops, according to Marc Grabowski, COO of Nanigans, a firm that buys Facebook ads for its clients. If there was ever a time to start testing mobile ads, that time is now.But setting up mobile-only ads isn’t as straightforward as using Facebook’s self-serve ad manager. You can’t just click a button to make your ads accessible on mobile devices. Instead, you need to reach mobile users through their news feeds because they cannot see the ads that appear in the right-hand column on Facebook.Related: 5 Tips for Getting Started With Mobile AdvertisingGetting to know the Facebook ‘Power Editor’: Unless you’re using the Facebook API for ad management, the only way most business owners will be able to set up mobile-only ads is through Facebook’s free Power Editor, a Chrome-only plugin. To get going, open Chrome, install the Power Editor, and access it here. Select “all” accounts when prompted so you can get your past ads — these can come in handy when creating new ads and tracking results.For newbies, the Power Editor can feel more difficult to navigate than Facebook’s self-serve ad manager. So, Facebook has created a guide to using it. It’s worth getting to know well enough to leverage its more advanced tools, including the “placements” feature that enables you to create ads that go to the news feed on desktop, news feed on mobile only, or both, or right-column only ads. Four ways to get your ad into mobile news feeds: Once you set up Power Editor and are ready to create an ad for mobile users, decide which ad type you want to test. There are four primary ways to get into your fans’ mobile news feeds:1. Page post ads, when set up with Power Editor, appear directly in the news feed and, as a bonus, can be targeted beyond fans and friends of fans. They can include photos, offers and more, just like a normal page post ad, and usually show up with a “sponsored” or “suggested post” label. Here’s an example from Country Outfitter, an image captured on my mobile phone:With page post ads, you can reach users via mobile, desktop or both. (But note that the new Facebook ad guidelines state that text in any news feed ad is limited to 20 percent of the total ad image area.)Related: New Facebook Rules Limit Use of Text on Images2. Promoted posts look exactly like page post ads in the news feed, but you can buy these ads through the promote button in the status update box on your page or use Power Editor — and they always go into the news feed. The main difference between page post ads and promoted posts is that promoted posts can be shown only to fans and friends of fans, whereas page post ads can be targeted to non-fans as well.3. Sponsored Stories show in the news feed under the heading “Pages You May Like,” and are used to promote activity to your fans’ friends, with the intention of attracting like-minded people. These ads promote activity such as a fan liking your page, claiming an offer you created or commenting on one of your posts. As always, take care with how you target these to get the most engagement and likes. These can also be targeted to mobile-only, desktop or both, with the Power Editor.4. Mobile app install ads can be a fun way for companies with registered apps to prompt users to go to their app download page. You can even choose what kind of operating systems and mobile devices your targeted audience has, which is useful if you have, say, an iPhone-only app.For small-business owners new to mobile ads, it’s best to test a few different news feed ads and target them carefully. Don’t abandon desktop-only ad strategies that are working. Instead, find a way to integrate mobile into your overall strategy so you can compare results, test, track — and test again.Related: 10 Quick Steps to Creating a Facebook Ad Campaign Register Now »last_img read more