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Tag Archives for " FTC "

Facebook facing 20-year consent agreement after privacy lapses

The social media giant Facebook is headed toward an agreement with the U.S. government over its privacy policies and practices that would put it under 20 years of oversight.

The agreement would resolve a probe of whether the company violated a similar consent pact reached in 2011. There had been expectations a deal was imminent after Facebook set aside $3 billion to pay what it said it expected to be a $3 billion to $5 billion penalty. But two sources said on Monday that no deal was expected this week.

Source: Facebook facing 20-year consent agreement after privacy lapses

FTC settlement could impose new privacy practices on the Facebook

Stronger oversight of its data-collection practices could end a wide-ranging federal probe into a series of privacy abuses that came to light last year. The concessions could accompany a multibillion-dollar fine from the Federal Trade Commission, which opened its probe last year.

Facebook has told the U.S. government it is willing to submit to greater oversight of its data-collection practices — from the launching of new services to the decisions of its top executives — to end a wide-ranging federal probe into a series of privacy abuses that came to light last year.

Source: Facebook FTC settlement could impose new privacy practices on the social media company – The Washington Post

Facebook Faces a Big Penalty, but Regulators Are Split Over How Big

Facebook’s announcement in late April that it had set aside $3 billion to $5 billion to settle claims that it mishandled users’ personal data suggested a strong consensus by federal regulators that the social media giant needed to be held accountable.

The F.T.C. chairman seems to have the votes to approve a settlement. But the members are split on the size and scope of the tech company’s punishment. One of the biggest issues has been whether to hold Mark Zuckerberg liable for future violations.

Source: Facebook Faces a Big Penalty, but Regulators Are Split Over How Big – The New York Times

FTC chair suggests record fines are coming

For a few weeks now, rumors have circled Washington that the U.S. Federal Trade Commission is negotiating a potentially record-breaking fine of Facebook for alleged privacy violations.

Media reports have placed a potential fine in the $3 billion to $5 billion mark, and just this week, new reports state negotiations also include a slew of new privacy positions as part of the FTC settlement.

Full article: FTC chair suggests record fines are coming

Facebook Expects to Be Fined Up to $5 Billion by FTC Over Privacy Issues

Facebook said on Wednesday that it expected to be fined up to $5 billion by the Federal Trade Commission for privacy violations. The penalty would be a record by the agency against a technology company and a sign that the United States was willing to punish big tech companies.

The social network disclosed the amount in its quarterly financial results, saying it estimated a one-time charge of $3 billion to $5 billion in connection with an “ongoing inquiry” by the F.T.C. Facebook added that “the matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.”

Source: Facebook Expects to Be Fined Up to $5 Billion by F.T.C. Over Privacy Issues – The New York Times

Content Groups Warn FTC Over ‘Troubling’ Application of EU Privacy Law

The FTC is reviewing privacy regulations and has been holding a series of hearings, including one scheduled for Tuesday and Wednesday.

Groups representing producers, filmmakers and other content creators are warning the Federal Trade Commission over the unintended consequences of adopting sweeping online privacy laws akin to those in the European Union.

They contend that the sweeping measure restricts the availability of domain name data from a database overseen by the Internet Corporation for Assigned Names and Numbers. They say that such information is critical to enforcement of online infringement.

Source: Content Groups Warn FTC Over ‘Troubling’ Application of EU Privacy Law – Variety

FTC Seeks Comment on Proposed Amendments to Safeguards and Privacy Rules

The Federal Trade Commission is seeking comment on proposed amendments to two rules that protect the privacy and security of customer information held by financial institutions.

The Safeguards Rule, which went into effect in 2003, requires a financial institution to develop, implement, and maintain a comprehensive information security program. The Privacy Rule, which went into effect in 2000, requires a financial institution to inform customers about its information-sharing practices and allow customers to opt out of having their information shared with certain third parties.

Source: FTC Seeks Comment on Proposed Amendments to Safeguards and Privacy Rules | Federal Trade Commission

FTC Hits TikTok With Record $5.7 Million Fine Over Children’s Privacy

The company will pay $5.7 million to settle allegations that the social media app formerly known as Musical.ly illegally collected information from children under 13.

TikTok must also comply with the Children’s Online Privacy Protection Act, or COPPA, going forward and take down any videos uploaded by users under 13.

The FTC’s complaint alleges that Musical.ly violated COPPA by failing to require parental consent for users under 13, neglecting to notify parents about how the app collected personal information on underage users, and not permitting parents to request to have their children’s data deleted.

Source: FTC Hits TikTok With Record $5.7 Million Fine Over Children’s Privacy | WIRED

Facebook Is about to Get a Massive Fine. It Probably Won’t Change Anything

The U.S. government will hit Facebook with a record-breaking multibillion-dollar fine over privacy violations.

Yet experts warn that despite the reported size of the penalty levied by the Federal Trade Commission, without legal restrictions on how Facebook collects and processes data the impact will be limited.

Full article: Facebook Is about to Be Hit with a Massive Fine. It Probably Won’t Change Anything. – VICE

Facebook faces multibillion FTC fine over Cambridge Analytica privacy breach

The fallout from the Cambridge Analytica scandal could be about to cost Facebook dear, with reports the social network is in the process of negotiating a multibillion-dollar settlement with the US Federal Trade Commission (FTC) over privacy lapses.

Full article: Facebook faces multibillion FTC fine over Cambridge Analytica privacy breach | The Drum

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