{"id":17112,"date":"2019-07-13T01:50:49","date_gmt":"2019-07-13T01:50:49","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/facebook-reportedly-gets-a-5-billion-slap-on-the-wrist-from-the-ftc.html"},"modified":"2019-07-13T01:50:49","modified_gmt":"2019-07-13T01:50:49","slug":"facebook-reportedly-gets-a-5-billion-slap-on-the-wrist-from-the-ftc","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/facebook-reportedly-gets-a-5-billion-slap-on-the-wrist-from-the-ftc.html","title":{"rendered":"Facebook reportedly gets a $5 billion slap on the wrist from the FTC"},"content":{"rendered":"

The U.S. Federal Trade Commission<\/a> has reportedly agreed to end its latest probe<\/a> into Facebook<\/a>\u2018s privacy problems with a $5 billion payout.<\/p>\n

According to\u00a0The Wall Street Journal<\/a>, the 3-2, party-line vote by FTC commissioners was carried by the Republican majority and will be moved to the Justice Department\u2019s civil division to be finalized.<\/p>\n

A $5 billion payout seems like a significant sum, but Facebook had already set aside $3 billion to cover the cost of the settlement<\/a> and the company could likely make up the figure in less than a quarter of revenue (the company\u2019s revenue for the last fiscal quarter was roughly $15 billion). Indeed, Facebook <\/a> said in April that it expected to pay up to $5 billion to end the government\u2019s probe.<\/p>\n

\n

Facebook reserves $3B for FTC fine, but keeps growing with 2.38B users in Q1<\/a><\/p>\n<\/blockquote>\n

\n

The settlement will also include government restrictions on how Facebook treats user privacy, according to the Journal.<\/p>\n

We have reached out to the FTC <\/a> and Facebook for comment and will update this story when we hear back.<\/p>\n

Ultimately, the partisan divide which held up the settlement broke down with Republican members of the commission overriding Democratic concerns for greater oversight of the social media giant.<\/p>\n

Lawmakers have been calling consistently for greater regulatory oversight of Facebook \u2014 and even a legislative push to break up the company \u2014 since the revelation of the company\u2019s mishandling of the private data of millions of Facebook users<\/a> during the run up to the 2016 presidential election, which wound up being collected improperly by Cambridge Analytica.<\/p>\n

\n

The FBI, FTC and SEC are joining the Justice Department\u2019s inquiries into Facebook\u2019s Cambridge Analytica disclosures<\/a><\/p>\n<\/blockquote>\n

\n

Specifically the FTC was examining whether the data breach violated a 2012 consent decree which saw Facebook committing to engage in better privacy protection of user data.<\/p>\n

Facebook\u2019s woes didn\u2019t end with Cambridge Analytica <\/a>. The company has since been on the receiving end<\/a> of a number of exposes<\/a> around the use and abuse of its customers\u2019 information and comes as calls to break up the big tech companies have only grown louder.<\/p>\n

\n

Facebook hit with three privacy investigations in a single day<\/a><\/p>\n<\/blockquote>\n

\n

The settlement could also be a way for the company to buy its way out of more strict oversight as it faces investigations into its potentially anti-competitive business practices and inquiries into its launch of a new cryptocurrency \u2014 Libra<\/a> \u2014 which is being touted as an electronic currency for Facebook users largely divorced from governmental monetary policy.<\/p>\n

Potential sanctions proposed by lawmakers for the FTC were reported to include the possibility of elevating privacy oversight to the company\u2019s board of directors and potentially the deletion of tracking data; restricting certain information collection; limiting ad targeting; and restricting the flow of user data among different Facebook business units.<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunch\/social\/~3\/a5h5RQJiqu4\/<\/p>","protected":false},"excerpt":{"rendered":"

The U.S. Federal Trade Commission has reportedly agreed to end its latest probe into Facebook\u2018s privacy problems with a $5 billion payout. According to\u00a0The Wall Street Journal, the 3-2, party-line <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[10,7,14,15,6,12,11],"class_list":["post-17112","post","type-post","status-publish","format-standard","hentry","category-latest-update","tag-computer-news","tag-downloads","tag-microsoft-download-news","tag-networking-updates","tag-technology-update","tag-wordpress-plugin-download","tag-wordpress-theme-download"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t