Facebook patents using social network data to authorize loan

[jos]

One day, it may also use that data to approve — or deny — its users a financial loan.On Tuesday, the social network was granted a patent for authorizing and authenticating a user based on their social network on Facebook.

When an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual through authorized nodes. If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.

 

 

Imagine banks rejecting loans because you dont have facebook account or just because you have friend who is a problem.. or you liked a community that is against comcast...Maybe just because you made a prank message on someone

Source: http://fortune.com/2015/08/04/facebook-loan-approval-network/

[kaylexmorgana]

Well I never imagined that a problem because I always thought everyone had a facebook. even my parents have facebooks.

[Dabombinable]

Fuck Zuckerberg.

[jos]

Well I never imagined that a problem because I always thought everyone had a facebook. even my parents have facebooks.

LTT forum is a place where many replies to facebook posts saying - I do not use facebook - looks like it is the next cool thing

[kaylexmorgana]

LTT forum is a place where many replies to facebook posts saying - I do not use facebook - looks like it is the next cool thing

internet is full of lies as well.

[Johannes_Lazor]

Well I never imagined that a problem because I always thought everyone had a facebook. even my parents have facebooks.

I have many friends who dont use facebook, Facebook can track what websites you use just by having a "like" button on the page, You dont even have to click it. When it comes to privacy, facebook is not very good.

[jos]

I have many friends who dont use facebook, Facebook can track what websites you use just by having a "like" button on the page, You dont even have to click it. When it comes to privacy, facebook is not very good.

Install antitrackers..

[Tech_Dreamer]

Hold up, brb, gotta unfriend my resident drug overlord ...

[Lethal Seraph]

So what if you're and immigrant but have decent job status but have friends back home. Does that mean you're denied of any financial loan?

[AlwaysFSX]

The fuck is the point of this? You already get screwed over enough with how the determine loans already.

[patrickjp93]

Wait, that's not even legal to patent! How you use publicly available information is not a patentable process! Investment banking would be a monopoly if this could be patented. Someone please challenge this. This is insane.

[Johannes_Lazor]

Install antitrackers..

It doesnt help if you are logged in to facebook. That only works if you log out of facebook after you have used it.

[BallisticPeanut]

I don't think facebook is completely terrible, but I hate how it's always a given that everyone has a facebook.  I have one, but I haven't touched it for years.  Seeing as most of my friends are transfering to colleges this year I'm probably going to pick it up again, but I'm not looking forward to using it.