This Week in Tech: Facebook Prepares to Pay for Privacy Missteps

Welcome back to SHIFT’s weekly roundup of the most notable news in the world of technology. Not the busiest week for tech news, although there were still some interesting stories to keep an eye on. Here’s the run down:

Facebook ready to pay major fine

The social media giant has set aside $3 billion for an expected fine from the Federal Trade Commission thanks to its many recent privacy violations. It looks like the PR nightmares are finally about to cut into its profit, but I doubt this will actually cause it to change its bad behavior since it’ll still raking in so much money.

Mark Zuckerberg has a podcast now

Speaking of Facebook, as part of a New Year’s resolution focused on tackling big questions about tech, the company’s CEO has released a new podcast called Tech & Society with Mark Zuckerberg. Podcasting is an interesting way for executives to get their messaging out while controlling the narrative themselves. It’ll be interesting to see if this continues to catch on as a PR or content strategy – and if there is enough engagement and listeners to justify the effort.

Venmo has more users than most big banks

PayPal reported that 40 million individuals used Venmo in the past 12 months, making it one of the most popular fintech apps in the country. In comparison, Bank of America has 37 million digital users and Wells Fargo has 29.8 million. Incredibly impressive adoption numbers – now they just need to figure out how to make money off of it.

FBI names Business Email Compromise as top scam

The FBI released its 2018 Internet Crime Report this week, and BEC scams are all the rage. Different from those obvious phishing emails that occasionally sneak by your spam filters, these come from a cybercriminal impersonating someone from within your organization using an email address that appears to be the real deal. So, just watch out the next time you get an email from your boss over the weekend casually asking you to wire over some money.

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