"As the world gets excited about diving into the Cryptocurrency realm of Facebook, many are closely watching, especially regarding access and protection of personal data. Facebook has previously been embroiled in scandals over data leaks, raising concerns about the possibility of this happening again with Libra users."

Many may not know that there are 5 things Facebook hasn't disclosed about Libra.

        Mr. Paramint Insoem, a blockchain technology and advanced cybersecurity expert, stated that as people start using Libra currency, we need to closely monitor data privacy. Facebook has been involved in a scandal regarding data leaks when Cambridge Analytica used user data from Facebook for Donald Trump's presidential campaign. There is a possibility that this could happen again with Libra users, and many may not be aware of the 5 things Facebook hasn't told about Libra.

 

 

Facebook Will Know Your True Identity

        For Calibra to provide services in various countries, the company must implement AML (Anti-Money Laundering) and KYC (Know-Your-Customer) policies, which require users to provide their name, address, date of birth, social security number, and other legally required information. This means users are being asked to submit the final set of data that Facebook lacks. Although Facebook states that Calibra and Facebook data will only connect with user consent, users must grant access to fully utilize the services. Facebook has been collecting user behavior and lifestyle data through social media for over a decade, and when combined with financial information, it becomes the final piece of the puzzle that allows Facebook to access our payment history and various identity verification documents.

 

Your Financial Data Will Be Linked to Other Information

        The data that Facebook and Calibra receive may only be a part of the whole picture, but when combined with behavioral data from various founding companies like Mastercard, Uber, and others, it makes user identification much easier and clearer. While some may optimistically believe that Facebook will respect user privacy, for a giant advertising company like Facebook, this data could generate billions of dollars by identifying which consumer groups advertisers can profit from, thus increasing the platform's value to advertisers.

 

 

Personal Data Theft Will Increase

        The Cambridge Analytica incident is just one of many data leak events, and today, cyber theft has become commonplace. The University of Maryland found that a cyber attack occurs every 39 seconds. The problem is that most people do not understand that systems with a single intermediary are not 100% secure. Libra is a Permissioned Blockchain that stores data in a limited intermediary accessible only to authorized entities, unlike truly decentralized blockchains like Zcoin. This increases the likelihood of data breaches. Stolen data could be misused or cause harm; for instance, in 2018, it was reported that consumers suffered damages worth approximately $14.8 billion from fraud and cyber theft incidents.

 

There Will Be Threats to Sovereignty and National Security

        When the data that Libra possesses can accurately identify users, it poses a threat to sovereignty and national security. When this data is interconnected, it may be used even without user consent. Governments worldwide may seek this data for election campaigning to secure victories, granting them unprecedented power in the political game.

In the second half of 2018, Facebook received over 110,634 requests from governments for data access. The data Facebook currently holds is insufficient for user identification, but personal data will become more complete and accurate when linked with Libra, which has founding members like PayPal or Visa. Facebook intentionally chose to join the Libra Association, and certainly, having behavioral data from over 2 billion Facebook users will give Facebook unprecedented data power that no government in the world has ever had. Facebook will be able to analyze economic, political conditions, and lifestyle trends, which poses a risk of influencing public opinion and using data for political purposes.

 

The Risks to Free Market and Democracy

        Currently, Facebook sets advertising requirements, controls content visibility on News Feed, and countless companies have been blocked from advertising without reason. This gives organizations, political parties, and individuals who spend large amounts on Facebook advertising an advantage over small businesses. With data from Libra, Facebook's advertising platform can target specific audiences. Libra will enhance Facebook's data, leading to power that can shape global understanding, posing a severe threat to economic freedom and democracy.

 

How Will We Handle This Situation?

        As the world has seen a backlash against Cryptocurrency for years from users who do not understand the technology, Facebook can make Libra acceptable to people worldwide, even if users consent to share personal information. It depends on experts and governments in each country to raise awareness among citizens about the risks of cyber identity exposure and to educate them on standards for protecting themselves online. They should also question the benefits they will gain from Libra compared to the potential threats of sharing data with Facebook.