WASHINGTON (Reuters) – The Federal Trade Commission is set to announce on Wednesday that Facebook Inc’s (FB.(O) has agreed to a sweeping settlement of the main accusations of the wrong to the privacy of the user, and the payment of a $5 billion, two people briefed on the matter said.
FILE PHOTO: A 3-D-printed with Facebook logo is seen in front of binary code in this picture illustration, the 18th of June, 2019 at the latest. REUTERS/dado Ruvic/File Photo
As part of the settlement, Facebook agreed on the creation of a committee on privacy, and will agree to a new executive certification and the privacy of users is protected, but the people on a regular basis.
The Washington Post reported on Tuesday that the FTC’s alleged Facebook misled users about the handling of their telephone numbers and the use of two-factor authentication, when used as part of a broad-based complaint, which goes hand in hand with the settlement ends the government on the privacy of the probe, citing two people familiar with the matter.
The Post also reported that the FTC is going to have to say Facebook has offered sufficient information for an estimated 30 million users a facial recognition tool, it is an issue that was previously specified by the Consumer Reports.
Two of the people briefed on the matter, confirmed the Post’s report, the FTC does not require Facebook to admit liability as part of the settlement. The plan shall be subject to approval by a federal judge, and a different key, made up of privacy is extinguished, and the people on a regular basis.
The penalty will be marked by the biggest civil penalty ever paid to the FTC.
The FTC and Facebook declined to comment.
As the COMMISSION confirmed in March 2018, it was an investigation into accusations of Facebook inappropriate to share information from the 87 million users, with the now-defunct British political consulting firm in Cambridge Analytica. The probe has focused on the question of whether the sharing of information violated a 2011 consent agreement between Facebook and the supervisor, and then extended to other privacy cases.
A person briefed on the matter said, as the telephone, face detection, and two-factor authentication, that were not part of the initial Cambridge Analytica tube.
Some in Congress have criticized the reported $5 billion in penalties, having regard to Facebook, in 2018, with a $55.8 billion in revenue and $22.1 billion in net income. Senator Marsha Blackburn, a Republican, said last week the amount of the fine shall be $50 billion.
While the deal resolves a major regulatory headache for Facebook, the company, based in Silicon Valley, are still facing with the development opportunities for the anti-trust probe, as the FTC and the Department of Justice to undertake a comprehensive evaluation of the degree of competition between the largest U.S. technology companies. Facebook has been public criticism of the President, Donald Trump, and others about the planned cryptocurrency Balance the concerns over privacy and the laundering of money.
Cambridge Analytica record, as well as the anger the hatred and the misinformation on its platform, have resulted in phone calls from people, ranging from presidential candidate and Senator Elizabeth Warren, a Facebook co-founder Chris Hughes, is for the government to force the social media giant is to sell on Instagram, which it bought in 2012, and WhatsApp, bought in 2014.
However, the core of the company’s business has proven resilient, such as Facebook blew past earnings estimates in the last two quarters of this year. Facebook is set to report earnings on Wednesday.
Reports David Shepardson in Washington; Additional reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila and Lisa Shumaker