According to Facebook, this program will reward those with first-hand knowledge and proof of cases where a Facebook platform app collects and transfers user data to another party to be sold, stolen, or used for scams or political influence. The updates will be rolled out globally over the next two weeks.
In a 2013 research conducted by computational Psychologist and big data scientist, Michal Kosinski and others found out that a Facebook like gives a number of sensitive information about you.
According to Tech Crunch, the changes are focused on centralising a variety of controls that were previously located in other places.
Concern about Facebook Inc's (FB.O) respect for data privacy is widening to include the information it collects about non-users, after Chief Executive Mark Zuckerberg said the world's largest social network tracks people whether they have accounts or not.
But last week, when he was testifying before both houses of Congress because of the seriousness of the situation, the human face of Facebook didn't anticipate that senators and congressmen would have questions about his company complying with an FTC order from 2011 regarding Facebook user privacy.
The applications that are run through Facebook may seem like harmless fun, but tens of thousands of apps are being investigated for data misuse, as reported by New Scientist.
Zuckerberg told Congress Facebook is in the business of advertising and assisting advertisers, not in the business of selling data to anybody.
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More than that: the stock just had its best quarter since 2015, while companies like Alphabet Inc. and Facebook Inc. lost ground. The stock has a market cap of $129,347.01, a PE ratio of 247.40, a P/E/G ratio of 4.09 and a beta of 0.99. (NASDAQ:NFLX).
"Congressman, if people flag those ads for us, we will take them down now", he said.
He said it was very vital to keep Facebook data private as it might be leaked out just like what happened recently on the platform, where data of over 50 million profiles were leaked to a consulting firm.
Rodgers said 9 percent of Facebook users have deleted their accounts and another one-third of users are using Facebook less following Zuckerberg's congressional hearings. And Facebook's plan - notifying users whose data were shared and teaching others how to "secure their account and data" - is like shutting the barn door after the horse has bolted.
"If I'm not a Facebook user, I ought to have a right to know what data Facebook has about me", Froomkin said. Zuckerberg had said that such data is collected for "security purposes", for example to flag unauthorised users trying to log in.
We've explained how to download all the information Facebook has on you, a sensible precaution to take if you're planning to #DeleteFacebook. Now it restricts apps from accessing users' personal data if the app has not been used by them for more than three months. "You know how many points of data that Facebook has on the average non-Facebook-user?"
Facebook's new capability in predicting user behavior came from its AI-powered prediction engines called "FBLearner Flow". They then measured the impact on the positiveness or negativeness of those users' own posts.