FTC: We're Investigating Facebook's Consumer Privacy Practices

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The Federal Trade Commission (FTC) said it had opened a probe amid "substantial concerns about the privacy practices of Facebook".

In addition, the state's attorney of Cook County in IL has sued Facebook and Cambridge Analytica for consumer fraud after revelations that the latter obtained data on millions of Facebook users.

The regulator's acting director, Tom Pahl, made the announcement in a statement which immediately send Facebook's share price plunging.

Facebook's stock, which already took a big hit last week, plunged as a result.

On Sunday, Facebook took out ads in U.S. and British newspapers saying it would investigate every app that had downloaded large amounts of data.

They also ran in the Mail on Sunday, The Sunday Times, The Observer, Sunday Mirror, Sunday Express, and Sunday Telegraph.

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Facebook chief executive Mark Zuckerberg has apologized and outlined steps to protect user data in light of the scandal involving the Trump-connected data-mining firm.

"These tech platforms who are extraordinarily powerful who've been great iconic American success stories - they need to be more forthcoming or Washington is going to start imposing rules and regulations that may not fit", warned Sen. "With the information we have now our trust has been broken". It's also investigating every app that had access to large amounts of data.

"Businesses like Facebook must comply with the law when it comes to how they use their customers' personal data", Shapiro said.

The social media company has been embroiled in two recently uncovered scandals regarding how it allows third parties to collect and use data and how Facebook itself collects data. "By expanding the scope of what may be considered local to people, we're including other cities that people may care about and connecting people to local publishers from those cities", the blog post reads. "Many people told me they thought that if we could turn down the temperature on the more divisive issues and instead focus on concrete local issues, then we'd all make more progress together". Ars Technica pointed out that the social media platform has been doing this for years now, and that Android users were more prone to this data collection than iOS users due to Apple's privacy and security controls.

But the apology did not mention Cambridge Analytica, the British political consultancy firm that has been accused of taking the data to target voters. The hashtag #DeleteFacebook 'has run like wildfire on the Internet these days and even the co-founder of WhatsApp, Brian Acton, a company that later sold to Facebook, recommended deleting the profiles of the application, ' stated the digital publication Expansion.

Did Facebook have protective safeguards in place, including audits, to ensure developers were not misusing the Facebook user's data?

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