Daily Archives: March 19, 2008

Facebook refines its privacy policy

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From Rory Cellan-Jones…

Facebook has unveiled what it says is a new policy on privacy. The press release says the aim is to give users more control over the information they choose to share. It goes on to explain that the two main features are “a standardized privacy interface across the site and new privacy options.”

Is that perfectly clear? Well, not entirely. What is a “standardized privacy interface” when it’s at home? The 75% of users who never bother to change their default privacy settings probably won’t care. But read on, and it seems the main change is the ability to differentiate between different groups of friends – and give them different levels of access to your information….

Inside the snake-pit

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From today’s Telegraph…

The Bank of England has demanded the Financial Services Authority investigate inaccurate rumours sweeping the market that a British lender is in crisis after being forced to issue a vehement denial that it has been called into emergency meetings.

Sources said the Bank was livid with what it believes are short sellers attempting to turn a profit by spreading false stories about distressed lenders that could undermine the stability of Britain’s financial system in these fragile markets.
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A Bank spokesman said: “No meeting has taken place or been scheduled with any financial institution in the UK.”

It added that it made no loans through its standing facility yesterday.

HBOS appeared to be the main target of this morning’s speculation. Its shares tumbled up to 11pc on rumours that it had applied for emergency central bank funding despite a clear denial.

An HBOS spokesman said: “There is not a shred of substance whatsoever in these unfounded and malicious rumours. This is a classic case of a lie being half way round the world before truth has its boots on. It is deeply concerning these rumours are circulating the markets.

“HBOS is one of the strongest financial institutions in the world with a balance sheet of £660bn the group has also had the largest deposit base in the UK. We are one of the most respected names in the wholesale and capital markets. HBOS is a very strong financial institution.”

50,000 a day!

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Competition Fuels Broadband Use in Europe – New York Times

BRUSSELS — Fierce competition from new providers has pushed the level of broadband subscriptions in eight European countries above the levels in the United States and Japan, according to figures to be released Wednesday.

Growth could accelerate further if the European Commission succeeds in a drive to jolt those countries still dominated by former state monopolies, according to the top telecommunications regulator in Brussels.

The commission says the European Union added 19 million broadband lines in 2007, the equivalent of more than 50,000 households per day…

Spitzer’s downfall

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From Technology Review…

If there is a lesson from former New York governor Eliot Spitzer’s scandal-driven fall (aside from the most obvious one), it is this: banks are paying attention to even the smallest of your transactions.

For this we can thank modern software, and post-9/11 U.S. government pressure to find evidence of money laundering and terrorist financing. Experts say that all major banks, and even most small ones, are running so-called anti-money-laundering software, which combs through as many as 50 million transactions a day looking for anything out of the ordinary.

In Spitzer’s case, according to newspaper reports, it was three wire transfers amounting to just $5,000 apiece that set alarm bells ringing. It helped that he was a prominent political figure. But even the most mundane activities of ordinary citizens are given the same initial scrutiny.

“All the big banks have these software systems,” says Pete Balint, a cofounder of the Dominion Advisory Group, which helps banks develop strategies for combatting money laundering and fraud. “Depending on their volume, they might have thousands of alerts a month.”