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Facebook admits millions of accounts are fake

Posted: August 3, 2012 |   Comments

Facebook's share price dipped below $20 on Thursday after reporting slowing growth and an admission of an alarming number of fake accounts.

In a quarterly filing with the Securities and Exchange Commission, the social media company said that as many as 83 million of its accounts are fake.

It also reported that as many as five percent of its active users have duplicate accounts.

Facebook members grew to 955 million this year.

It says 1.5 percent of its accounts are likely spam or accounts set up for other malicious activity. The fake accounts are concentrated in developing markets, according to the filing.

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