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Facebook has settled with the US Federal Trade Commission over charges it tricked consumers into thinking they could keep their information private.
The proposed settlement prevents Facebook from making deceptive claims about the level of privacy and security it offers users, and will force the social network to undertake independent audits for the next 20 years.
In a blog post on Facebook, founder Mark Zuckerberg defended the company's record on transparency and privacy, but admitted it had "made a bunch of mistakes" and a "small number of high profile" ones such as Beacon.
"Facebook has always been committed to being transparent about the information you have stored with us – and we have led the internet in building tools to give people the ability to see and control what they share," wrote Zuckerberg.
"But we can also always do better."
The settlement was on par with the watchdog's previous agreements with Twitter and Google.
In response to the settlement Facebook will beef up the role of privacy within the company with the appointment of chief privacy officer, Erin Egan, and chief privacy officer for products, Michael Richter.
The FTC's list of accusations include:
The settlements means that Facebook is:
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