Twitter Limits SMS Authentication to Blue Subscribers; Meta Introduces Verified Service to Bolster Security
by Newson 20th Feb 2023 in
In today's ExchangeWire news digest: Twitter to limit SMS two-factor authentication to paying subscribers; Meta introduces 'Meta Verified' to enhance security measures across Facebook and Instagram; and Shein targets revenue of USD$60bn (~£49.8bn) by 2025.
Twitter to charge for SMS two-factor authentication
Twitter has announced that only paying subscribers will be able to secure their accounts using text messages. In a blog post published on Friday (17th February), the company revealed that “only Twitter Blue subscribers will be able to use text messages as their two-factor authentication method,” from 20th March this year.
The move follows concerns from Twitter that phone-number-based two-factor authentication is being misused by “bad actors”. CEO Elon Musk tweeted “Yup” in response to a tweet claiming the company was losing USD$60m (~£49.8m) a year “on scam SMS”.
Meta to launch paid verified service
Facebook-parent Meta Platforms will launch a paid subscription service allowing its platform users to verify their accounts with government ID. Meta Verified is intended to bolster security across the company’s offerings, in addition to helping “up-and-coming creators grow their presence and build community faster”.
Meta Verified will charge a monthly fee of USD$11.99 (~£9.96) for accounts that sign up to Facebook and Instagram on a web browser, rising to USD$14.99 (~£12.45) for subscriptions through mobile devices. The subscription service will begin tests in Australia and New Zealand this week.
Shein eyes USD$60bn revenue by 2025
Chinese fast-fashion giant Shein is aiming for almost USD$60bn (~£49.8bn) in revenue by 2025 ahead of a possible IPO later this year. The company’s target of USD$58.5bn (~£48.5bn) would mean doubling its 2022 revenue of USD$22.7bn (~£18.8bn).
This development follows reports from Financial Times that the company was in talks to raise up to USD$3bn (~£2.49bn) at a reduced valuation of USD$64bn (~£53.1bn).
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Fact of the Day
<0.2% - the percentage of US Twitter users who subscribe to Twitter Blue, as of January 2023.
Source: The Information
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