Posts Tagged: Meta

Facebook Pay will soon become Meta Pay

Meta started renaming its products after the company switched its name: The Oculus Quest and Facebook Portal devices, for instance, are now known as the Meta Quest and Meta Portal. It's only natural for the company to also plan the future of its payments experience as it continues to expand into the metaverse, and that includes a name change for it. Stephane Kasriel, Meta's head of fintech services, has revealed in a longer post about the metaverse that the company is soon renaming Facebook Pay to Meta Pay. 

Kasriel said that Meta is "in the very early stages of scoping out what a single wallet experience might look like." While it has no concrete plans yet, Meta is looking into how you can prove who you are and how you can carry that identity into different metaverse experiences. The company is also examining how you can store and bring your digital goods wherever you go in the metaverse and how you can pay friends and businesses easily with your chosen payment method.

Kasriel oversees the company's financial division, which includes the Novi crypto wallet. Former Facebook exec David Marcus spent years trying to get Novi off the ground, but the wallet launched without support for the Diem cryptocurrency that he co-founded. In the end, Marcus stepped down in 2021 and Kasriel renamed the division as Meta Financial Technologies when he took over. 

Facebook's name change signified a new era for the company that's now pinning its future on virtual reality and the metaverse. It hasn't been smooth sailing for the internet giant, though. In 2021, Meta's Reality Labs division that serves as home to its hardware and metaverse initiatives lost $ 10 billion and will hire fewer employees this year as a result. More recently, Reutersreported that the division will be axing some of its projects and postponing others, because it could no longer afford some of the initiatives it originally planned. 

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Emoji reactions hit WhatsApp as Meta fights the competition

WhatsApp joins Telegram, Messenger, iMessage, and more by introducing key features including emoji reactions, larger file sharing, and bigger group chats.
Mobile | Digital Trends

Meta will limit hiring this year due to slowing revenue growth

Meta is limiting its intake of new employees as part of its efforts to cut costs due to weak revenue forecasts, according to CNBC and Bloomberg. Facebook's parent company is slowing the pace or pausing hiring for most mid-to-senior level positions altogether. It has started putting recruitment on hold, the sources said, after holding off on hiring new entry-level engineers over the past weeks. 

Facebook's latest quarterly earnings results were better than expected, and its daily active users even bounced back a bit from last quarter. However, the company also expects a revenue drop next quarter in part because of the Russian invasion of Ukraine. Company CFO David Wehner said during the earnings call that Meta "experienced a further deceleration in growth following the start of the Ukraine war due to the loss of revenue in Russia as well as a reduction in advertising demand both within Europe and outside the region." 

In addition, Facebook expects to lose $ 10 billion in revenue due to the changes in Apple's privacy settings on iOS. Apple introduced a new feature earlier this year that limits advertisers' access to the unique IDFA code associated with users' devices. That identifier is what gives companies a way to link a user to their Facebook data and show them targeted ads. Facebook even rolled out a prompt asking users to allow the company to track their activity across websites and apps before the change was implemented in hopes to curb its effects on the company's business.

A Meta spokesperson told the publications:

"We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, we are slowing its growth accordingly. However, we will continue to grow our workforce to ensure we focus on long-term impact."

Insider previously reported on leaked internal memos, wherein Wehner said that the hiring freeze will last the rest of the year. It will affect almost every team across the company, which won't be recruiting "engineers, managers and even some director level talent" throughout 2022.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Meta will close a loophole in its doxxing policy in response to the Oversight Board

Meta has agreed to change some of its rules around doxxing in response to recommendations from the Oversight Board. The company had first asked the Oversight Board to help shape its rules last June, saying the policy was “significant and difficult.” The board followed up with 17 recommendations for the company in February, which Meta has now weighed in on.

Unlike decisions around whether specific posts should be taken down or left up, Meta is free to completely disregard policy proposals from the Oversight Board, but it is required to respond to each recommendation individually.

One of the most notable changes is that Meta agreed to end an exception to its existing rules that allowed users to post private residential information if it was “publicly available” elsewhere. The Oversight Board had pointed out that there was a significant difference between obtaining data from a public records request and a viral social media post.

In its response Friday, Meta agreed to remove the exception from its policy. “As the board notes in this recommendation, removing the exception for ‘publicly available’ private residential information may limit the availability of this information on Facebook and Instagram when it is still publicly available elsewhere,” the company wrote. “However, we recognize that implementing this recommendation can strengthen privacy protections on our platforms.” Meta added that the policy change would be implemented “by the end of the year.”

While the company ended one exception, it agreed to relax its policy on another issue. Meta said users would be able to share photos of the exterior of private homes “when the property depicted is the focus of the news story, except when shared in the context of organizing protests against the resident.” Likewise, the company also agreed that it would allow users to share addresses of “high ranking” government officials if the property is a publicly-owned official residence, like those used by heads of state and ambassadors.

The policy changes could have a significant impact for people facing harassment, while also allowing some information to be shared in the context of news stories or protests against elected officials.

The board had also recommended Meta revamp the way that privacy violations are reported by users and how reports are handled internally. On the reporting front, Meta said it has already started experimenting with a simpler method for reporting privacy intrusions. Previously, users had to “click through two menus” and manually search for “privacy violation,” but now the option will appear without the extra search. Meta said it will have results from the experiment “later this month" when it will decide whether to make the change permanent.

Notably, Meta declined to make another change that could make it easier for doxxing victims to get help more quickly. The company said that it would not act on a recommendation that it “create a specific channel of communications for victims of doxing” regardless of whether they are Facebook users. Meta noted that it’s already piloting some live chat help features, but said it “cannot commit to building a doxing-specific channel.”

Meta was also non-committal on a board recommendation that doxxing should be categorized as “severe” violation resulting in a temporary suspension. The company said it was “assessing the feasibility” of the suggestion and “exploring ways to incorporate elements of this recommendation.”

In addition to the substance of the policy changes, Meta’s response to the Oversight Board in this case is notable because it represents the first time the company had asked for a policy advisory opinion, received recommendations and issued a response. Typically, the board weighs in on specific moderation decisions, which can then impact the underlying policies. But Meta can also ask for help shaping broader rules, like it did with doxxing. The company has also asked for help in creating rules around its controversial“cross check” system.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Meta is trying to find the people who created more than 39,000 phishing sites

Meta is taking legal action to disrupt a large-scale phishing campaign. On Monday, the company filed a federal lawsuit to “uncover the identities” of a group of people that created more than 39,000 websites designed to trick Facebook, Instagram and WhatsApp users into coughing up their login credentials.

The company says the scammers used relay service Ngrok to redirect people to their websites in a way that allowed them to hide their actions. “This enabled them to conceal the true location of the phishing websites, and the identities of their online hosting providers and the defendants,” Meta said. Starting this past March, the company began working with the relay service to suspend “thousands” of URLs linked to the campaign.

This isn’t the first time has used the threat of legal action to try and stop a phishing campaign. In 2019 and 2020, the company filed lawsuits against OnlineNIC and Namecheap, two domain name registrars that had allowed cybersquatters to claim domains like instagrambusinesshelp.com and whatsappdownload.site. However, the scale of this campaign would appear to dwarf the ones OnlineNIC and Namecheap enabled. When Meta sued the latter company in 2020, it said it had registered 45 domains that were explicitly made to confuse people.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics