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Facebooks’ Novi Financial Can Share Data About Libra Users

By Ollie Hurst – Cryptocurrency Specialist

As more people look to buy altcoins, the blockchain startup space has grown, though not all projects have been met with welcoming reactions. Facebook has been criticized for their relaxed attitude towards privacy and data storage on their Libra network. Novi Financial, a subsidiary of Facebook, has recently reserved the right to share the digital information of Libra users with third parties. This will be with the consent of the account holder and in some cases, “without further notice”.

As outlined in the Novi platform policy, there are two primary types of data that they collect when users engage with the site. The first are profile details that are directly provided, including full name, email, and countries selected. The second are automatically consolidated data points including the operating system, browser type, pages visited, time zone, language, IP address, mobile operator, first-party cookie IDs and more.

According to the global head of Fraud Prevention Solutions at cybersecurity and anti-virus provider Kaspersky, the information collected by Novi is standard in the cryptocurrency trading space and moreover, is essential to tackle fraud and avoid money laundering activities. This information can ultimately decide whether transactions by those who buy and sell cryptocurrency are suspicious or legitimate.

Novi stated that data is gathered to comply with legal requirements. The platform shares information both internally and externally with their partners. They keep the information “as long it serves the purposes for which is was collected” a spokesperson said.

Under some laws, users can edit and delete data that they have provided to the site. According to the CEO of Facebook, Mark Zuckerberg, Libra will make payments and overall commerce a lot easier. Online entities must implement necessary security practices to maintain the integrity and confidentiality of private information according to the company.

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