Facebook was bombarded with complaints that minors spent large sums of money playing games like Angry Birds and Ninja Saga on Facebook, while having no idea they were blowing 'real' cash, internal emails show. For years, the company tried to tackle the issue of kids unwittingly spending large sums of their parents' money by playing games on Facebook, newly unsealed court documents say. In 2012, an Arizona woman sued the tech giant after her 12-year-old son racked up around $1,000 in credit card charges while playing Ninja Saga. She claimed that neither she nor the boy knew that they were spending money on the game. The company eventually settled the case with the family. Read more This was far from an isolated incident. Facebook's internal emails describe how another family requested a refund after a 15-year-old accumulated more than $6,500 in charges playing an online game. The company was concerned with the influx of refund demands as chargeback rates for games on Facebook … [Read more...] about ‘Friendly fraud’: Facebook struggled with complaints that kids blow fortunes on online games
Analyze your facebook profile
Mike Snider USA TODAY Published 7:40 p.m. UTC Aug 23, 2018 Facebook has removed its Onavo Protect security app from Apple's App Store because the program violated the smartphone maker's privacy rules against the collection of user data. The app, created by an Israeli startup Facebook acquired five years ago, lets users connect to a virtual private network, which keeps your browsing identity anonymous – a smart practice on free, public W-Fi – by routing you through a third-party server. But Onavo Protect also collects data on websites and apps, a touchy issue for consumers and online players as Facebook continues to recover from the Cambridge Analytica scandal, where 87 million Facebook users had personal data unknowingly sold to a political targeting firm. Facebook removed the Onavo app from the App Store on Wednesday, but it remains available in the Google Play store. “We've always been clear when people download Onavo about … [Read more...] about Facebook’s Onavo security app taken down from Apple store for violating user privacy
Facebook's push to gain access to users' banking data and other sensitive financial information could help make online banking more efficient - or it could backfire among those skeptical that the world's biggest social network can reliably safeguard personal data. The site has joined a growing race among big technology companies seeking private information once regarded as off-limits: users' checking-account balances, recent credit card transactions and other facts of their personal finances and everyday lives. Facebook said this week that it had proposed data-sharing partnerships with banks and credit card companies that would allow users to access their personal account information from within the social network's messaging service, Facebook Messenger, as an alternative to speaking with customer service representatives or automated chatbots on the companies' banking or credit sites. Facebook said the data would not be shared with marketers or used for ad-targeting purposes, and no … [Read more...] about Your banking data was once off-limits to tech companies. Now they’re seeking it.
Programming note: Money Stuff will be off tomorrow for U.S. Independence Day, back on Thursday.Stress tests.Here is a weird story about how Goldman Sachs Group Inc. and Morgan Stanley managed to pass the Federal Reserve’s stress tests without actually getting a passing score. Goldman and Morgan had asked to return about $16 billion to shareholders between them, but that would take their stressed capital levels below the minimum requirements on the stress test. So the Fed called them and said that if they cut those requests in half—to about $8 billion—then they’d get passing grades. But it also offered them another choice:But Fed officials gave the banks an unprecedented option: If they agreed to freeze their payouts at recent levels, they would get a “conditional non-objection” grade and avoid the black eye of failure. That meant the banks could pay out a combined $13 billion, or about $5 billion more than what they would have given back to investors … [Read more...] about Not Stressing the Stress Tests
The New York Times Facebook has filed thousands of patent applications since it went public in 2012. One of them describes using forward-facing cameras to analyze your expressions and detect whether you’re bored or surprised by what you see on your feed. Another contemplates using your phone’s microphone to determine which TV show you’re watching. Others imagine systems to guess whether you’re getting married soon, predict your socioeconomic status and track how much you’re sleeping. A review of hundreds of Facebook’s patent applications reveals that the company has considered tracking almost every aspect of its users’ lives: where you are, who you spend time with, whether you’re in a romantic relationship, which brands and politicians you’re talking about. Facebook has said repeatedly that its patent applications should not be taken as indications of future product plans. “Most of the technology outlined in these … [Read more...] about What 7 Creepy Patents Reveal About Facebook