Credit Card Agreements Easier to Understand Than Facebook, Google Policies

Just how complex are those user agreements that most people skip reading when they sign up for Facebook or Google?

More complex than a credit card agreement or a government notice, according to a study released Tuesday by branding firm Siegel+Gale. On average, 400 survey participants who had carefully reviewed the agreements were only able to answer four out of 10 comprehension questions about the policies after their review.

What's worse, of users who did understand the policies or had them explained to them, 75% said they would change their Facebook privacy settings and 63% said they would be more careful about how they used Google in the future.

'It's time for these online giants to recognize that their policies bring an unacceptable web of complexity and risk to the lives of their users. The lack of understanding of online privacy is pervasive,' said Thomas Mueller, global director of customer experience of Siegel+Gale. 'Bringing greater simplicity to what Web users read online will engender trust among users and only benefit Facebook's and Google's reputation.'

Among the study's other key findings:

• The comprehension rates for credit card agreements (70%) and government notices (67%) were far higher than those for Google (36%) and Facebook (39%).


• Just one in five Facebook users were able to figure out how to block a third-party application or website from accessing information they shared on Facebook after reading the social network's privacy policy.


• Less than one in four Google+ users could figure out whether their profile was publicly viewable to anyone after reading Google's privacy terms.

All of these issues are compounded by the fact that privacy policies, particularly those used by social networks, are ever-evolving and ever-changing. Even if a user can understand a privacy policy, it can - especially in the case of Facebook - change without their knowledge. 

'This complexity erodes trust and jeopardizes online privacy,' said Irene Etzkorn, executive director of simplification of Siegel+Gale. 'Clearly, Facebook, Google and other online service providers operate based on consumer trust, and failure to address privacy concerns in a meaningful way will lead to consumer disenchantment and additional regulatory restrictions.'

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ICICI Bank to launch an app allowing users access their accounts on Facebook

ICICI Bank is planning to launch an application called ‘Your Bank’ on which will help users to access their bank account on Facebook. This application can be operated from ICICI Facebook page and users will also
receive updates and banking news on their Facebook Wall.

Rajiv Sabharwal, Executive Director, ICICI bank, said,“ICICI Bank will soon be present on Facebook. The ICICI Bank page (on the social media website) will include a one-of-its kind ‘Your Bank Account’ app through which you can access your bank account information while on Facebook.”

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Hackers Steal 45,000 Facebook Passwords & Logins

A rampant worm by the name of Ramnit has stolen login and password information for 45,000 Facebook users, mostly in the UK and France. Prowling the 800-million-strong social network, the worm eats user names, passwords and browser cookies. It also acts as a backdoor, meaning a hacker can attack any computer that has already been infected. According to the Microsoft Malware Protection Center, Ramnit infects Windows executables, Microsoft Office and HTML files. The Ramnit worm initially transformed into financial malware in August 2011, according to reports from Trusteer.

'What was once malware designed to steal data from financial institutions has evolved into a social network threat,' says John Weinschenk, CEO at Cybersecurity company Cenzic. 'Bank account numbers and Facebook log-in credentials seem very different, but to hackers, they are equally as lucrative.'

The current composite Ramnit worm is like a Mogwai that has been hit with water, eaten food after midnight, stepped out into the sun and transformed it into a hyper-evil gremlin.

Once Ramnit joined forces with the leaked ZeuS source-code in May, the Seculert blog says it became a 'Hybrid creature.' That is, it took on ZeuS' financial-data investigative nature and gained access to financial institutions. As a result, it compromised online banking sessions and also attacked a few corporate networks. The Ramnit worm burrows through Facebook, spreading malware to the walls of thousands of innocent Facebook users.

'To combat these types of threats, consumers need to be vigilant about changing passwords often,' says Weinschenk. 'Avoid clicking on unknown links, and alert their friends to a potential malicious link they might have posted.'

Facebook spam attacks like this are nothing new. A recent attack that was caused by a browser vulnerability filled users' walls with photos of the Biebs in compromising sexual situations. Not long after, football-loving spammers nailed the Facebook community forum.

Users should keep an eye on their Facebook profiles as social network worms continue spreading.

Facebook says it blocks 200 million malicious actions per day, which include messages that send users to malware. Even still, Facebook spam is growing faster than its user base.

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For connecting more than half a billion people and mapping the social relations among them, for creating a new system of exchanging information and for changing how we live our lives, Mark Elliot Zuckerberg is TIME's 2010 Person of the Year

 

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