Facebook gives away credit data among other user info to Telecom firms

  • 00:12 22 May 2019

Facebook gives away credit data among other user info to Telecom firms

There has been a new twist in the spate of privacy scandals that Facebook has been mired in since early last year, as a new detail about the handover of data on users’ “creditworthiness” has come to light, ONA reports citing Sputnik.

Some advertisers are able to use data provided by Facebook to target ads based on social media users’ credit score, according to new report in the Intercept, stirring fresh concerns about the platform’s data sharing practices.

The tool in question is called “Actionable Insights”, which, as Facebook earlier stated, is used for the purposes of helping carriers provide better service in areas with weak cellular data connections, and is also aimed at enabling "better business decisions" through "analytics tools".

According to the documents obtained by the aforementioned edition, the tool makes use of the data it harvests – which includes eight different categories, such as geolocation updates, demographic information, and friends’ portfolios – to help Facebook’s multiple telecom partners with targeted advertising by handing them the aggregated data.

More specifically, Facebook data scientists are reported to have developed a special algorithm that enables the system to exclude customers with poor credit history from the advisers’ target lists, making conclusions about clients’ creditworthiness through their online behaviour.

Meanwhile, the social media titan collects enormous bulks of data, not only from its main iOS and Android apps, but also from the Messenger and Instagram apps, which couldn’t go unnoticed on Twitter.

Faig Mahmudov

Tags: Facebook