U.S. regulator investigating Facebook's privacy practices

Getty ImagesFacebook's favourability rating in the US has plunged in a new poll commissioned by Axios

Getty ImagesFacebook's favourability rating in the US has plunged in a new poll commissioned by Axios

The Federal Trade Commission's has finally made a statement nearly ten days after the public became aware of Facebook's recent privacy data breach regarding the company's sharing of its users' personal information with political consultants.

'Accordingly the FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook.

The FTC's investigation is just one of several probes into Facebook following revelations that Cambridge Analytica, a marketing firm used by Donald Trump's presidential campaign, improperly harvested data on 50 million Facebook users.

CNN reported last week that the FTC was sending a letter to Facebook with questions about how the social media company allowed the data to wind up in the hands of Trump campaign consultants.

The stock fell 1.4 per cent to $157.14 late on Monday in NY, bucking the broader positive direction of the markets.

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The world's biggest social network is also facing calls on both sides of the Atlantic for more information on how its user data was leaked.

Some users discovered the Silicon Valley giant had been storing complete logs of incoming and outgoing calls and text messages.

The ads say the social media platform doesn't deserve to hold personal information if it can't protect it.

"Businesses like Facebook must comply with the law when it comes to how they use their customers' personal data", Shapiro said.

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Users can go to the general settings page of their Facebook account - accessed through the downward arrow on the top-right corner of the page - to download a copy of their account data and see if their messaging data was scraped up by Facebook. Facebook also said it will release a new tool in the next month that will appear at the top of a user's news feed identifying which apps they've authorized and providing steps to revoke those permissions.

The survey found that 57 per cent of Canadians use Facebook every day.

'They have plundered my phone. "If you chose to turn this feature on, we will begin to continuously log this information", the posting said. Contacts will also no longer continue to be uploaded.

In 2015, Facebook became aware that Kogan had sold the data from his app to Cambridge Analytica, and asked the firm to delete the information. At the time, the update was only for USA users.

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