Tag: facebook

$17.4bn wiped off Zuckerberg’s fortune

By Melanie Kramer for Money Makers

Facebook founder and CEO Mark Zuckerberg has lost $17.4 billion, suffering from Facebook’s reputation and share price this year. He’s not the only billionaire to lose out in 2018, but he’s currently the most famous and has certainly lost more than any other.

Zuckerberg has dropped from being the third-richest person in the world to becoming the sixth richest, according to Bloomberg’s Billionaires Index. Zuckerberg now has a net worth of $55.3 billion.

The Facebook founder has faced increasing criticism over the ongoing Cambridge Analytica data scandal and Facebook’s response to the apparent social media influence exerted by Russia in US elections.

Data privacy is still an unresolved issue in the eyes of many global governments. Some seek answers over how their citizen’s personal information is handled and how Facebook will prevent illicit behavior in the future.

Just two weeks ago the UK and Canadian Parliaments summoned Zuckerberg to personally answer their questions, in an unprecedented joint move.

Facebook shares fell 3% on Friday to their lowest point since April 2017, and to a value of $139.53.

The latest fall in Facebook’s share price followed a call last week by four US Democratic senators to answer questions about Facebook’s use of contractors to spread “intentionally inflammatory information.”

According to reports, Facebook had hired a consulting firm founded by Republican strategists as part of its response to the concerns over Russian meddling. The firm’s subsequent actions are under scrutiny.

Zuckerberg’s Chan Zuckerberg Initiative is a major US political donor and Facebook co-founder Dustin Moskovitz has also donated over $35 million to Democratic and Liberal candidates and groups.

Facebook, Google are election winners

By Todd Shields , Gerry Smith and Sarah Frier for Bloomberg

Even before ballots are counted from Tuesday’s elections, some clear winners have emerged, as Google and Facebook reap windfalls from political advertising after a season of controversy over online political speech.

Political ad spending is on course to set a record, exceeding expenditures in the 2016 presidential election year, with a total of perhaps $9 billion. Political ad buyers weren’t deterred by months of furor over election meddling by Russians using Facebook, Twitter and Alphabet’s Google and YouTube.

“This was a test year for political digital,” says Kip Cassino, who works with research firm Borrell Associates after retiring as its executive vice president. “What they wanted to see was how many ads could they put on digital without people getting really upset.”

Digital ad spending rose more than 25-fold from the last non-presidential national elections in 2014, reaching 20 percent of expected political spending this year at almost $1.8 billion, according to estimates compiled by Borrell. Kantar Media/CMAG, which omits some online activity, estimated 2018 online spending at $900 million, up from $250 million four years ago.

The figures show how digital sites, with their ability to target thin slices of the electorate, have assumed a prime place alongside traditional media such as broadcast TV, which is still prized for reaching large numbers of older voters likely to go the polls and accounts for the largest amount of political ad spending.

Kantar estimated providers such as Tegna Inc. and Sinclair Broadcast Group Inc. would see political ad revenue rise to $2.7 billion, up 30 percent compared with 2014. When local races are included, broadcast stations saw a decline in political advertising compared with 2014, to $3.5 billion, but remain the top recipient, according to Borrell’s estimates.

Local cable TV advertising sold by the likes of Comcast Corp. or Charter Communications Inc. was expected to jump 75 percent compared with four years ago, Kantar said.

“Everybody killed it this year,” said Steven Passwaiter, a vice president with Kantar, which monitors political ads.

On Tuesday, Gray Television Inc., which owns more than 100 local broadcast TV stations in smaller markets such as Augusta, Georgia and Omaha, Nebraska, said third-quarter political ad revenue was up 17 percent compared with the same quarter in 2014. That included a windfall four years ago from a hotly-contested senate race in Alaska, executives said.

“Political advertising remains quite alive and exceptionally healthy,” Gray Chief Executive Officer Hilton Howell said on an earnings call. Gray executives said political ad spending exceeded their expectations in states like Tennessee, Kansas and Florida.

Facebook is hit by a new viral hoax message

By Harry Pettit for Daily Mail 

Facebook officials have warned of a new viral hoax message that is fooling users into thinking there is a problem with their account.

The fake message claims your account has been cloned – meaning someone has created a new account using your name, photos and other information to impersonate you on Facebook.

It encourages you to forward the message to your Facebook friends to warn them of the mimic account.

The scam message reads: ‘Hi….I actually got another friend request from you yesterday…which I ignored so you may want to check your account.

‘Hold your finger on the message until the forward button appears…then hit forward and all the people you want to forward too….I had to do the people individually. Good Luck!’

Facebook said there is no virus attached to the message, and advised users to simply delete it if they receive it.

A spokesperson said: ‘We’ve heard that some people are seeing posts or messages about accounts being cloned on Facebook.

‘It takes the form of a “chain mail” type of notice.

‘We haven’t seen an increase in incoming reports of impersonation (cloned accounts).

‘The volume of these types of posts isn’t a good measure for how often impersonation is actually happening.’

Facebook cloning is when someone creates an account and steals your photos and personal information.

They then send out friend requests to your existing friend list to gather more personal information, or to send out scam messages from the faked account.

If you think you’re a victim of cloning, you should check and see if there is a duplicate of your account.

You can flag cloned accounts to Facebook via the ‘report’ feature.

By Jack Morse for Mashable 

A million hacked Facebook accounts isn’t cool. You know what’s even less cool? Fifty million hacked Facebook accounts.

A Friday morning press release from our connect-people-at-any-cost friends in Menlo Park detailed a potentially horrifying situation for the billions of people who use the social media service: Their accounts might have been hacked. Well, at least 50 million of them were “directly affected,” anyway.

The so-called “security update” is light on specifics, but what it does include is extremely troubling.

“We did see this attack being used at a fairly large scale.”

“On the afternoon of Tuesday, September 25, our engineering team discovered a security issue affecting almost 50 million accounts,” reads the statement. “[It’s] clear that attackers exploited a vulnerability in Facebook’s code that impacted ‘View As’, a feature that lets people see what their own profile looks like to someone else. This allowed them to steal Facebook access tokens which they could then use to take over people’s accounts.”

That’s right, almost 50 million accounts were vulnerable to this attack. As for how many were actually exploited?

“Fifty million accounts were directly affected,” explained Facebook VP of product management Guy Rosen on a Friday morning press call, “and we know the vulnerability was used against them.”

“We did see this attack being used at a fairly large scale,” added Rosen. “The attackers could use the account as if they are the account holder.”

The statement itself didn’t provide much additional insight.

“Since we’ve only just started our investigation, we have yet to determine whether these accounts were misused or any information accessed,” continues the statement. “We also don’t know who’s behind these attacks or where they’re based.”

Facebook says it’s fixed the vulnerability, and that 90 million people may suddenly find themselves logged out of their accounts or various Facebooks apps as a result.

The disclosure is a reminder about the dangers posed when a small number of companies like Facebook or the credit bureau Equifax are able to accumulate so much personal data about individual Americans without adequate security measures.

So, yeah, this is big.

“Security is an arms race,” Facebook CEO Mark Zuckerberg dryly noted on the press call.

Facebook is working with law enforcement, and, at least for now, says you don’t need to change your password. But maybe go ahead and log out of your account, everywhere, just to be safe.

“[If] anyone wants to take the precautionary action of logging out of Facebook, they should visit the ‘Security and Login’ section in settings,” advises the warning. “It lists the places people are logged into Facebook with a one-click option to log out of them all.”

So yeah, click through that link and log out of your account on all webpages and apps at once. After that, maybe think long and hard about whether it’s even worth logging back in.

Facebook accused of job ad gender discrimination

Source: BBC 

Van driving, roofing, police work – all jobs for men. At least, that’s what a cluster of job ads placed on Facebook seemed to suggest.

The American Civil Liberties Union (ACLU) on Tuesday submitted a complaint to the US Equal Employment Opportunity Commission (EEOC) alleging that Facebook’s advertising system allows employers to target job ads based on gender – a practice the ACLU says is illegal.

Specifically, the complaint refers to three women in the states of Ohio, Pennsylvania and Illinois who were not shown advertisements for what have traditionally been considered male-dominated professions.

The complaint highlights 10 different employers who posted job adverts on Facebook – for roles such as mechanic, roofer and security engineer – but used the social network’s targeting system to control who saw the ad. In one example, that targeting meant one job was promoted to “men” who were “ages 25 to 35”, and lived “or were recently near Philadelphia, Pennsylvania”.

A separate investigation by ProPublica discovered what it said were more examples showing a similar pattern.

Earlier this year the investigative journalism site released a tool which readers could use to collect data on the Facebook ads they had seen, and send that information directly to ProPublica for analysis.

Using that method, the site said it discovered men were targeted specifically in dozens of cities around the US for driving jobs with Uber. This conclusion was based on 91 ads placed by Uber’s recruitment arm, only one of which was targeted specifically at women, with three not targeting any particular gender. The rest were designed to be seen by men only.

In a statement, Uber said: “We use a variety of channels to reach prospective drivers – both offline and online – with the goal of enabling more people, not fewer, to earn on their own schedule.”

Missing information
However, this data should be treated with caution. It is not clear that any broad conclusions can be made about perceived discrimination on Facebook.

While one advertisement in isolation may be targeting men specifically, there may have been an equivalent advertisement targeting women running in the same time frame – ads that may not have been picked up by ProPublica’s tool. Furthermore, if a user clicks on an ad to see why it has been targeted – as in the ACLU complaint – they will be told why they specifically saw the ad, but not details on the entire audience for the ad.

The BBC understands Facebook is in the process of putting together data to dispute the findings and respond to the ACLU’s complaint.

While targeting users based on gender may seem relatively harmless when it comes to, for instance, clothing brands, doing so for job advertisements may be against US law. The Civil Rights Act of 1964 specifically prohibits discriminating against a person because of “race, colour, religion, sex, or national origin”. The law applies to every stage of employment, including recruitment.

Facebook said it was looking into the complaint
“When employers in male-dominated fields advertise their jobs only to men, it prevents women from breaking into those fields,” said Galen Sherwin, from the ACLU’s Women’s Rights Project, arguing that “non-binary” people, those who choose not to identify with a specific gender, are also excluded.

“What’s more, clicking on the Facebook ads brought viewers to a page listing numerous other job opportunities at these companies for which job seekers might be qualified.

“Because no women saw these ads, they were shut out of learning not only about the jobs highlighted in the ads, but also about any of these other opportunities.”

Facebook said it was reviewing the ACLU’s complaint and looked forward to “defending our practices”.

“There is no place for discrimination on Facebook,” said spokesman Joe Osborne.

“It’s strictly prohibited in our policies, and over the past year, we’ve strengthened our systems to further protect against misuse.”

The company has recently removed over 5,000 targeting options for advertisers. The move was prompted by a lawsuit accusing the firm of unlawfully targeting users based on race or sexual orientation.

By Emily Glazer, Deepa Seetharaman and AnnaMaria Andriotis for Wall Street Journal 

The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.

Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM 0.37% & Co., Wells Fargo & Co., Citigroup Inc. C 0.01% and U.S. Bancorp USB 0.70% to discuss potential offerings it could host for bank customers on Facebook Messenger, people familiar with the matter said.

Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.

Data privacy is a sticking point in the banks’ conversations with Facebook, said people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.

One large U.S. bank pulled away from the talks due to privacy concerns, some of the people said.

Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.

Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.

“We don’t use purchase data from banks or credit-card companies for ads,” spokeswoman Elisabeth Diana said. “We also don’t have special relationships, partnerships or contracts with banks or credit-card companies to use their customers’ purchase data for ads.”

Facebook shares climbed sharply Monday on the news, rising 4.45%, marking the biggest one-day gain since last month’s historic drop.

Banks face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce. They also are trying to reach more users digitally. Many struggle to gain traction in mobile payments.

Yet banks are hesitant to hand too much control to third-party platforms such as Facebook. They prefer to keep customers on their own websites and apps.

As part of the proposed deals, Facebook asked banks for information about where their users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company’s second-quarter earnings call last month.

Alphabet Inc.’s Google and Amazon.com Inc. also have asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa, according to people familiar with the conversations.

Facebook has taken a harder public line on privacy since the Cambridge Analytica uproar. A product privacy team has announced new features such as “clear history,” which would allow users to prevent the service from collecting their off-Facebook browsing details. It also is making efforts to alert users to its privacy settings.

That hasn’t assuaged concerns over Facebook’s privacy practices. Bank executives are worried about the breadth of information being sought, even if it means their bank might not being available on certain platforms their customers use. Bank customers would need to opt-in to the proposed Facebook services, the company said in a statement Monday.

JPMorgan isn’t “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result,” spokeswoman Trish Wexler said.

Banks view mobile commerce as one of their biggest opportunities but are still running behind technology firms such as PayPal Holdings Inc. PYPL 0.62% and Square Inc. Customers have moved slowly, too; many Americans still prefer using credit or debit cards, along with cash and checks.

In an effort to compete with PayPal’s Venmo, a group of large banks last year connected their smartphone apps to money-transfer network Zelle. Results are mixed so far: While usage has risen, many banks still aren’t on the platform.

In recent years, Facebook has tried to transform Messenger into a hub for customer service and commerce, in keeping with a broader trend among mobile messaging services.

A partnership with American Express Co. AXP 1.04% allows Facebook users to contact the card company’s representatives. Last year, Facebook struck a deal with PayPal that allows users of that payment service to send money through Messenger. And Mastercard Inc. MA 0.54% cardholders can place online orders with certain merchants through Messenger using the card company’s Masterpass digital wallet. (A Mastercard spokesman said Facebook doesn’t see the card users’ information.)

By Annie Palmer for DailyMail 

Facebook will soon be able to notify you if Russian trolls are sliding into your DMs.

The social media giant is testing a new feature that will include additional information from unfamiliar contacts who have direct messaged you on Facebook Messenger, showing things like when the account was created and the country where their phone number is registered.

It marks Facebook’s latest effort to stave off the spread of fake news on its platform.

Should the feature become available to the public, it would help prevent users from receiving potentially malicious or spammy messages from unknown users.

“We are testing a way to provide people with more context on folks they may not have connected with previously,” Facebook Messenger spokesperson Dalya Browne told Motherboard.

“This is just a small test,” she adds.

Calls for Facebook to be split up increasing

By Diamon Naga Siu for Mashable

Facebook may have grown to a point where it’s too big for its own good. Or anybody’s, for that matter.

The largest U.S. media and communications labor union, Communications Workers of America, is adding fuel to that point of view. It’s just joined the Freedom from Facebook Coalition, which is petitioning the Federal Trade Commission to break up the growing “monopoly” power of Facebook.

Blazoned atop the coalition’s website reads: “Facebook has too much power over our lives and democracy. It’s time for us to take that power back.” The coalition, which includes social activist groups like Demand Progress and MoveOn Civic Action, wants the FTC to separate WhatsApp and Instagram as separate companies, away from Facebook’s control.

CWA Communications Director Beth Allen told Mashable that the group was concerned about the social media giant’s growing power. And the labor union is not the only one with such a concern.

Facebook is already under the microscope of a federal investigation from the FTC for its Cambridge Analytica data scandal, and there are dozens of privacy lawsuits against the social media giant right now. Before things get any better for Facebook, they’ll probably get worse, at least from a legal perspective.

The CWA also has a lawsuit against Facebook, alleging that the way the company targets job advertisements leads to age discrimination. Allen told Mashable that joining this coalition could offer the group a larger platform for the union’s legal battle against Facebook.

“We have been looking closely at Facebook, and the coalition that was forming was interesting to us because we wanted to be able to shed more light on this age-discrimination issue,” Allen said. “We just want to make sure regulators are doing what they can to limit Facebook’s power and ensure that Facebook is not engaging in any discriminatory behavior.”

We’ll see whether the FTC will actually splinter the monolith, but it’s far from the first time Facebook has been accused of being a monopoly. When questioned about the issue before Congress in April, CEO Mark Zuckerberg said Facebook “certainly doesn’t feel like [a monopoly] to me.”

The list of others who feel differently is growing, and it may eventually enlarge to the point where Zuckerberg can’t just casually dismiss them.

Facebook glitch unblocked your blocked list

By Emily Price for Fortune

If you’ve ever blocked anyone on Facebook, the social network may have accidentally “unblocked” that person on your behalf.

A bug that was live between May 29 and June 5 allowed blocked users to see the profile pages of people that blocked them and send them messages through Messenger, Facebook revealed Monday. The issue affected more than 800 000 users on the platform. About 83% of those Facebook users had one person they blocked essentially unblocked by the bug, while 17% had more than one blocked person unblocked during that time period, the social network said.

Facebook has contacted the users that were impacted by the issue.

It’s worth noting that the issue didn’t give previously blocked users full access to someone’s account. Instead, they would simply have been able to see things that were posted publicly on the platform. When you block someone on Facebook you also unfriend them (presuming you were friends in the first place). The bug did not reinstate any of those ended connections.

Facebook says that it has corrected the issue, and everyone who you previously blocked is now fully blocked again.

‘Big Four’ tech stocks slump

By Jasper Jolly for City A.M 

The US’s biggest technology stocks – Facebook, Amazon, Netflix and Google, collectively known as the Fangs – have fallen steeply as concerns over a trade war weighed on world indices.

The tech-heavy Nasdaq index fell by more than two per cent to its lowest close since the end of May.

Facebook and Amazon both lost over 2.5 per cent, while Netflix plummeted by more than six per cent. Apple and Alphabet, the parent company of Google, also fell heavily.

Equity indices around the world had earlier slumped, with France’s Cac 40 losing almost two per cent while Germany’s Dax gave up 2.46 per cent as investors feared further damaging trade moves.

American tech stocks have generally been immune to fears over protectionist trade tariffs, with no mention by either the US, China, or the EU of levies or other barriers to be imposed on them.

However, Russ Mould, investment director at trading platform AJ Bell, said the recent success of the Fang stocks – an acronym of the tech giants – in spite of market ructions may have made shares more vulnerable to bigger moves if sentiment shifts.

The Fangs may be “targets for some profit taking” if investors plump for cash amid fears of a broader market setback, he said.

The tech stocks are approaching similar levels of growth hit by the Nasdaq during the dotcom bubble at the turn of the century, which ended in a deep crash of more than 78 per cent, Mould said.

Over the course of 2018 a “Fangs+” index, which includes other large US-listed tech firms, has outpaced the gains of the bubble-era Nasdaq.

Yet the Fangs still face regulatory issues which could severely impact their business models, following the scandal over data misuse by political consultancy Cambridge Analytica, competition concerns, and ongoing tax issues.

“The danger for bulls is that these valuations leave little margin for error should something – anything – go wrong,” Mould added.

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