Despite Big Technology Innovations, Many Users Are Still Unwilling to Trust Facebook with Personal Data

    The tech industry is booming. With new innovations from Google and the spread of blockchain technology, it wouldn’t be far-fetched to believe that there’s an added sense of security, when it comes to posting financial data to online profiles. However, despite these advancements, even the professionals in charge of this security seem fairly unwilling to get involved in it with their own data.

    • Facebook and Uber have the least number of professionals who trust it.
    • The survey regarding trust in these tech companies was researched by an app called Blind.

    It is Big Tech’s moment in the financial world right now. Between the Google Pay processes that link consumers’ checking accounts and the Libra project, the decision to infiltrate the financial world with major tech is no hidden secret. However, as innovative as these options may be, professionals in the tech and finance industries are seemingly hesitant to take advantage.

    A recent survey by Blind, an “anonymous social network” app, polled over 5,000 individuals in professional positions with Apple, Amazon, Facebook, Google, and Uber, among other companies. Of these individuals, about 62% would prefer to trust “traditional banks,” rather than “big tech” companies, with their personal financial information. Banks were trusted over large tech companies by 57% of tech professionals and 70% of finance professionals.

    It is worth noting that Apple was the most trusted “big tech” company with 44.45% professionals being willing to share their financial data with the brand more than any other. The second-highest vote was Google, followed by Amazon. Both Facebook and Uber were only the “most trusted tech company” amongst about 2% of the voting professionals, each.

    While those numbers may only be slightly surprising, considering the respective industries, the more shocking fact is that there is a substantial number of employees in the tech sector that don’t trust their own companies to protect their financial information. The survey spoke with 186 Facebook employees in their study, finding that just 21% (about 39 people) said that they were willing to trust their data to their employer’s platform. Uber’s numbers were even lower, showing that 16% of the 45 Uber employees (about 7 employees) felt the same.

    Mark Zuckerberg, the CEO of Facebook, as well as David Marcus of the blockchain division of the company, have been involved with Congress over questions concerning Libra and its security. Congress has been fixated on the potential that this project has to promote white-collar crimes, like money laundering, but it also could pose a risk to privacy concerns. Speaking with Decrypt, Blind’s brand marketing manager Cuire Kim clarified that the survey did not specifically address the employees’ feelings on Libra.

    The full blog from Blind can be viewed at

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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