Facebook near privacy settlement with FTC: report

According to a report from the Wall Street Journal, Facebook, like Google, will have to submit to privacy audits by the FTC for the next 20 years.

Last February, mobile social network Path made an expensive mistake. Like many apps, it asked users if it could search their mobile contacts to make friend suggestions upon signup.

Accusing Facebook of “unfair and deceptive” business practices, the government announced a proposed settlement that compels the company to obtain consent before making changes to users’ privacy settings.

Facebook, in a proposed settlement with the FTC, has agreed to get users' permission before changing privacy settings. It would also have privacy audits every other year for 20 years.Facebook Inc.

Out of nowhere, mobile-only social network Path recently hit 10 million users and is growing by 1 million users a week.

Google is close to reaching a deal to pay $22.5 million to settle a suit over its secret bypassing of privacy settings of millions of Apple users, the Wall Street Journal reported.The fine is expected to be the largest penalty ever levied on a single company by the US Federal Trade Commission (FTC), although Google makes a similar amount in revenue roughly every five hours, the Journal said Monday.

Facebook will be subject to twenty years of privacy audits, per a settlement with the Federal Trade Commission.

A reported settlement between the Federal Trade Commission and Facebook means the social network will ask your permission to change privacy settings. Or so it promises.