{"id":80241,"date":"2019-04-12T09:00:46","date_gmt":"2019-04-12T13:00:46","guid":{"rendered":"http:\/\/kendallharmon.net\/?p=80241"},"modified":"2019-04-12T17:27:50","modified_gmt":"2019-04-12T21:27:50","slug":"nyt-dealbook-to-purge-some-of-social-medias-ugliness-an-unlikely-lesson-from-wall-street","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=80241","title":{"rendered":"(NYT Dealbook) To Purge Some of Social Media\u2019s Ugliness, an Unlikely Lesson From Wall Street"},"content":{"rendered":"<div class=\"css-1fanzo5 StoryBodyCompanionColumn\">\n<div class=\"css-53u6y8\">\n<p class=\"css-1ygdjhk evys1bk0\">Although it won\u2019t address all of Big Tech\u2019s problems, a simple rule that bolsters the banking system could do a lot to clean up some of the uglier aspects of social media that Mr. Zuckerberg felt compelled to apologize for.<\/p>\n<\/div>\n<aside class=\"css-17l9gfh\"><\/aside>\n<\/div>\n<div class=\"css-1fanzo5 StoryBodyCompanionColumn\">\n<div class=\"css-53u6y8\">\n<p class=\"css-1ygdjhk evys1bk0\">The concept is \u201c<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/corpgov.law.harvard.edu\/2016\/02\/07\/fincen-know-your-customer-requirements\/\" target=\"_blank\" rel=\"noopener noreferrer\">know your customer<\/a>\u201d \u2014 or KYC, as it\u2019s called on Wall Street \u2014 and it\u2019s straightforward: Given concerns about privacy, security and fraud when it comes to money, no bank is allowed to take on a new customer without verifying its existence and vetting its background.<\/p>\n<p class=\"css-1ygdjhk evys1bk0\">The idea of <a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/medium.com\/@ForHumanity_Org\/facebook-and-cambridge-analytica-know-your-customer-a-higher-standard-fe746803ff11\" target=\"_blank\" rel=\"noopener noreferrer\">applying such a rule to social media<\/a> has been <a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.vox.com\/policy-and-politics\/2018\/3\/19\/17038130\/facebook-twitter-russia-regulations-laws\" target=\"_blank\" rel=\"noopener noreferrer\">floated before<\/a>, but it has so far failed to take hold. Now may be the right time.<\/p>\n<p class=\"css-1ygdjhk evys1bk0\">Consider this: Facebook has said it shut down over <a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.nytimes.com\/2019\/01\/30\/technology\/facebook-fake-accounts.html?module=inline\">1.5 billion fake accounts<\/a> from April through September last year (yes, that\u2019s a \u201cB\u201d in billion). That was up from the 1.3 billion such accounts it eliminated in the six previous months. To put those numbers in context, Facebook has a reported user base of 2.3 billion.<\/p>\n<p class=\"css-1ygdjhk evys1bk0\">What if social media companies had to verify their users the same way banks do? You&#8217;d probably feel more confident that you were interacting with real people and were not just a target for malicious bots.<\/p>\n<p><a href=\"https:\/\/www.nytimes.com\/2019\/04\/10\/business\/dealbook\/fake-news-facebook-twitter.html\">Read it all<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">To Purge Some of Social Media\u2019s Ugliness, an Unlikely Lesson From Wall St. &#8211; The New York Times <a href=\"https:\/\/t.co\/J69QEwhvFy\">https:\/\/t.co\/J69QEwhvFy<\/a><\/p>\n<p>\u2014 James F. McGrath (@ReligionProf) <a href=\"https:\/\/twitter.com\/ReligionProf\/status\/1116688167271317511?ref_src=twsrc%5Etfw\">April 12, 2019<\/a><\/p><\/blockquote>\n<p><script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Although it won\u2019t address all of Big Tech\u2019s problems, a simple rule that bolsters the banking system could do a lot to clean up some of the uglier aspects of social media that Mr. Zuckerberg felt compelled to apologize for.<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=80241\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[433,175,94,589,168],"tags":[],"class_list":["post-80241","post","type-post","status-publish","format-standard","hentry","category-social-networking","category-anthropology","category-blogging-the-internet","category-corporationscorporate-life","category-ethics-moral-theology"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/80241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80241"}],"version-history":[{"count":3,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/80241\/revisions"}],"predecessor-version":[{"id":80246,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/80241\/revisions\/80246"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}