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Why Facebook Acquired Confirm.io

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Facebook has acquired Confirm.io

On January 23, 2018, Facebook (FB) announced that it acquired Confirm.io, which owns technology that allows companies to quickly and remotely verify government-issued ID. Confirm.io plans to wind down its operations, and its team and technology are expected to join the tech giant. The terms of the deal were undisclosed.

The social media giant occasionally asks users to send in a formal ID if their account is locked or hacked or if they lose their passwords. It has a policy of using authentic names to ensure users don’t create anonymous accounts.

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How Facebook can use Confirm’s technology

Over the last few years, users had to mail a copy of their identity verification to unlock their Facebook accounts. Confirm’s technology can potentially prevent fraudulent activities.

This move could also help Facebook learn more about those who buy ads on its website. US regulators have been concerned about the company’s lack of ability to know who is buying ads, including election-related advertisements in 2016, on the platform.

Facebook has announced a variety of changes to its website this year, including a revamp of its news feed segment. Facebook stock has risen 4.3% year-to-date. The company also announced that it would soon be rolling out a feature called Watch Party, which would allow private groups to interact with live or prerecorded videos.

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