Facebook is buying a software firm that specialises in authenticating government-issued identification cards, the two companies said on Tuesday, a step that may help the social media company learn more about the people who buy ads on its network.
US lawmakers have expressed alarm at Facebook's limited ability to know who is buying advertisements, including election-related ads, on the world's largest social network.
Boston-based Confirm Incorporation, which is privately held, said on its website that the acquisition was the culmination of three years of work to build technology to keep people safe online.
Facebook said in a statement Confirm's "technology and expertise will support our ongoing efforts to keep our community safe."
Terms of the deal and how Facebook would apply Confirm's software were not revealed.
Confirm will wind down its operations and its employees will join Facebook in Boston, a person familiar with the acquisition told Reuters.
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Confirm's website listed 26 employees earlier this month, according to a version archived by the Google search engine. It says on its website that it has more than 750 clients.
Last year, Facebook said that suspected Russian agents had been paying to boost Facebook posts in the United States in an attempt to divide the electorate around the 2016 presidential election. Moscow denies the allegations.
The company later said it would begin requiring organisations running election-related ads to confirm their identities.
Facebook has more than 6 million different advertisers, and buying ads has historically required little more than a Facebook page and a credit card.
Confirm says that its software allows for proof of identity for online transactions, allowing users to detect potentially fraudulent activity.
Moelis & Company and Goodwin Procter advised Confirm on the transaction. Hogan Lovells advised Facebook.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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ABU DHABI T10: DAY TWO
Bangla Tigers v Deccan Gladiators (3.30pm)
Delhi Bulls v Karnataka Tuskers (5.45pm)
Northern Warriors v Qalandars (8.00pm)
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now