Facebook's reputation has taken a massive hit in the past week, after the revelation that it allowed Cambridge Analytica, a political consultancy working for the Donald Trump campaign, to wrongfully harvest the profiles of 50 million Facebook users without their permission to identify and target potential voters during the 2016 U.S. election.
Facebook (FB) shares fell 5% to $151.27 after news of the FTC investigation broke.
The company also faces rising discontent from advertisers and users.
A new poll shows a significant erosion of trust in Facebook, with only 41 percent of Americans saying that they trust Facebook to obey laws that protect their personal information.
The consent decree required that Facebook notify users and receive explicit permission before sharing personal data beyond their specified privacy settings. Facebook claims it does not sell this data and that it was always an "opt-in" feature. "If we can't, we don't deserve it", said the advert, signed by Facebook founder Zuckerberg.
Users have been highlighting that the data has been collected after downloading information the company holds on them.
"The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook", said Tom Pahl, the FTC's acting director for its consumer protection bureau, in a statement Monday.
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In its response, Facebook said, "The most important part of apps and services that help you make connections is to make it easy to find the people you want to connect with".
According to a report in The Guardian, Facebook has made it hard for users to delete their accounts, and instead pushes them only towards "deactivation" of their account, which eventually leaves all their personal information and data on Facebook's servers forever.
Highlighting that the company has taken various steps after the scandal, Zuckerberg said that Facebook is limiting the data apps users get while singing in to Facebook.
The FTC probe comes amid continued revelations about the data collection practices of Cambridge Analytica.
Facebook printed apologies from founder Mark Zuckerberg in United Kingdom newspapers yesterday.
Facebook specified that it does not collect the content of calls or text messages and information is securely stored.
Katarina Barley says Facebook representatives assured her Monday that such breaches wouldn't occur again and pledged to inform those users who were affected.
According to the ads, a quiz app built by a Cambridge University researcher leaked Facebook data of millions of people four years ago. Ars Technica notes that the statement contradicts details it found from its own investigation of Facebook data downloads as well as the testimonies of Android users who provided their own data.