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Facebook Invests $130M In Content Oversight Board

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Facebook has been at work creating a content oversight board over the past year. The social media company is now reportedly investing $130 million to the effort, Engadget reported.

The content oversight board trust was made for accountability and good governance, to ensure that the funds are managed properly. It will have the role of handling such tasks as ensuring tax compliance, administering payroll and reviewing the annual budget of the board.

Facebook reportedly expects the trust to have a minimum of three individual trustees. Brown Brothers Harriman Trust Company of Delaware, N.A will function as the corporate trustee.

The initial investment is forecasted to cover the operating expenses of the board for two three-year terms — or roughly six years.  It will pay for expenses like staff, office space and travel. Facebook reportedly plans to keep funding the operation of the board after the six years.

The social media company also commissioned a third-party Human Rights Impact Assessment in response to feedback that the board should be grounded in principles of human rights. In theory, the move would help make the board, so it promotes human rights.

Facebook will also follow recommendations on matters such as transparent communication, board member diversity and privacy protection tools.

In separate news, reports surfaced earlier this month that Facebook is rolling out a new tool that allows users to transfer their photos and videos to other services. The tool will come out first in Ireland, and go worldwide prior to July 2020, per past reports. 

Facebook said in a blog post earlier this month, “We’ve learned from our conversations with policymakers, regulators, academics, advocates and others that real-world use cases and tools will help drive policy discussions forward. That’s why we’re developing new products that take into account the feedback we’ve received, and will help drive data portability policies forward by giving people and experts a tool to assess.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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