Deep Dive: FTC Negotiating Multi-Billion Dollar Fine For Facebook’s Privacy Scandals; Violating 2011 Accord
Facebook is being accused by the FTC (Federal Trade Commission) of privacy violations and is in the midst of negotiating over a multi-billion dollar fine that would settle the agency’s investigation into the social media giant’s privacy concerns.
The massive fine according to several news sources is not disclosed, although it’s said that it could amount to a record multi-billion dollar fine for privacy violations, Ars Technica reported.
This comes after a series of privacy scandals, such as Cambridge Analytica, that may have put the personal information of its users at risk, as well as numerous times the company has been caught spying on its users or slipping up with its overall security.
The FTC’s probe of Facebook began in March of last year in response to big social’s entanglement with Cambridge Analytica, a political consultancy firm connected to a U.S. subsidiary (SHELL COMPANY) of a UK defense contractor SCL Group, Strategic Communication Laboratories, that improperly accessed data on 87 million of the social site’s users to use for campaign targeting for U.S. President Donald Trump through his former adviser Steve Bannon. According to reports, Facebook knew for an entire three years that Cambridge Analytica was abusing and misusing user data but did absolutely nothing.