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50m Accounts Affected by Security Breach – Facebook

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Facebook mobile users
  • 50m Accounts Affected by Security Breach – Facebook

Mr Guy Rosen, the Vice President, Product Management of Facebook says 50 million Facebook accounts are been affected by security issue.

Rosen said in a statement on Friday, that in the afternoon of Tuesday, September 25, Facebook’s engineering team discovered a security issue affecting almost 50 million accounts.

He said that the company was taking the issue seriously and wanted to let everyone know what happened, and the immediate action taken to protect people’s security.

According to him, investigation is still in its early stages.

”But it is clear that attackers exploited a vulnerability in Facebook’s code that impacted ”View As”, a feature that lets people see what their own profile looks like to someone else.

”This allowed them to steal Facebook access tokens, which they could then use to take over people’s accounts.

”Access tokens are the equivalent of digital keys that keep people logged in to Facebook, so they don’t need to re-enter their password every time they use the app,” he said.

The vice president said that Facebook had already fixed the vulnerability and informed law enforcement.

He said that the company had reset the access tokens of the almost 50 million accounts in order to protect their security.

Rosen said that Facebook had also taken precautionary step of resetting access tokens for another 40 million accounts that had been subject to a ”View As” look-up in the last year.

He said that as a result, around 90 million people would now have to log back into Facebook, or any of their apps that use Facebook Login.

According to him, After they have logged back in, people will get a notification at the top of their News Feed explaining what happened.

”We are temporarily turning off the ”View As” feature, while we conduct a thorough security review.

”This attack exploited the complex interaction of multiple issues in our code. It stemmed from a change we made to our video uploading feature in July 2017, which impacted ”View As”.

”The attackers not only needed to find this vulnerability and use it to get an access token, they then had to pivot from that account to others to steal more tokens.

”Since we have only just started our investigation, we have yet to determine whether these accounts were misused or any information accessed,” he said.

Rosen said that the company does not know those behind these attacks or where they were based.

He said that Facebook was working hard to better understand these details and would give update when it had more information, or if the facts changed.

The vice president said that if the company found more affected accounts, it would immediately reset their access tokens.

”People’s privacy and security is incredibly important, and we are sorry this happened.

”It is why we have taken immediate action to secure these accounts and let users know what happened.

”There is no need for anyone to change their passwords. But people who are having trouble logging back into Facebook — for example because they have forgotten their password — should visit our Help Center.

”And if anyone wants to take the precautionary action of logging out of Facebook, they should visit the ”Security and Login” section in settings,” he said.

(NAN)

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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