Facebook and its latest project, Novi Financial, announced that they retain the right to share Libra user information with third parties per request and in certain cases – “without further notice” as the firm said. This made some big waves in the Libra news, following months of uncertainty and the rebranding of Calibra along with the establishment of the new Facebook subsidiary, Novi Financial.
As we reported in May this year, Facebook completely rebranded its Calibra wallet to Novi wallet. This is the wallet associated and responsible for the Libra project. The firm said that the first product Novi Financial will introduce the Novi digital wallet designed for Libra digital currencies.
Previously, Facebook stated that these currencies can be stored on other wallets, too. In either case, the social media giant is criticized for its tax approach towards privacy. Below, we are listing more information on how Novi can share Libra user information.
According to the Novi website data policy, the Libra user information can be shared with third parties. Now, there are two types of information collected when interacting with it: the details directly provided by the user (full name, email address, and countries of interest) and the ones collected automatically during a user’s interaction with the website (browser type, operating system, pages visited, IP address, time zone, language, mobile operator, first-party cookie ID settings etc.)
The cryptocurrency news also show a statement by Claire Hatcher, who is the Global Head of Fraud Prevention Solutions at the cybersecurity and anti-virus provider Kaspersky. As she noted:
“The list of attributes that they collect is fairly standard (and probably the minimum required) in terms of what would be necessary to fight fraud, money laundering activities and ultimately decide if a transaction is legitimate or suspicious.”
She also added that if Novi was not analyzing the Libra user information in some way, they would be unable to detect any suspicious activity or any anomalies which would potentially “leave the end consumers’ money vulnerable to nefarious actors.”
So, the data that will be stored and potentially shared is used to comply with legal obligations, as Novi wrote, to analyze the way the website is used and for sending marketing material. However, there will be some instances where Novi shares information “with certain third parties without further notice to you.”
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