Is Facebook Settlement A Scam: Is The Facebook Settlement Too Good To Be True?

Is Facebook Settlement A Scam?

Facebook, or Meta as it is now called, has agreed to pay $725 million to settle a class-action lawsuit that accused the social media giant of sharing users’ data without their consent.

The settlement covers almost all Facebook users in the US who had an account between May 24, 2007, and December 22, 2022.

But is this settlement a scam? How can you claim your share of the money?

And what does this mean for Meta and its future? In this article, we will answer these questions and more.

Is Facebook Settlement A ScamCourtesy:Google play
Is Facebook Settlement A Scam
Courtesy:Google play

What is the Facebook Settlement About?

The Facebook settlement stems from multiple lawsuits that were filed against the company by users who claimed that it violated their privacy rights by making their data available to third parties such as advertisers and data brokers.

The most notorious case involved Cambridge Analytica, a political consulting firm that harvested data from millions of Facebook users to create voter profiles and influence elections.

Meta denied any liability or wrongdoing under the settlement, but agreed to pay $725 million to end the litigation.

How Can You Claim Your Money?

If you are eligible for the settlement, you can file a claim online or by mail before August 25, 2023.

You will need to provide some basic information such as your name, address, email, phone number, Facebook username, and payment preference.

You can choose to receive your money via direct deposit, PayPal, Zelle, Venmo, or a prepaid Mastercard.

The amount you will receive depends on how many months you had a Facebook account during the class period.

The more months you had, the more points you will get.

The net settlement amount ($725 million minus legal and administrative costs) will then be divided by the total number of points to determine the value of each point.

Is the Settlement a Scam?

The settlement is not a scam, but it is not a windfall either.

According to some estimates, each eligible user may receive only about $10 to $15 from the settlement.

Moreover, the settlement does not guarantee that Meta will stop collecting and sharing your data in the future.

In fact, Meta has recently announced plans to create a metaverse, a virtual reality platform that will require even more data from its users.

Therefore, if you are concerned about your privacy online, you may want to review your settings and preferences on Meta’s products and services, and opt out of any data sharing that you do not agree with.

 

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