Facebook is no doubt a company-to-watch for incumbents in the payments industry. But new research from Consumer Reports shows the company may still have some issues to resolve before convincing consumers that it can be trusted with sensitive wallet information.
According to the survey, 11 percent of households reported having some issue with privacy violations on Facebook, “ranging from someone using their log-in without permission to being harassed or threatened,” Consumer Reports said. The report also notes that U.S. online privacy laws are weaker than those in Europe, and that some Facebook apps may be transferring your data to a third party when your friend logs in.
Consumers are responding to these concerns by falsifying some of their information — according to Consumer Reports, roughly one in four Facebook users does this to protect their true identity.
Read the full story here.
