Delegates have expressed at the Gold Coast AusCERT 2010 security conference about on the importance for users to pay attention to social network privacy settings or else they are having the risk of losing money sometimes down the track.

Delegates have also warned that the criminals are using the social networks to gather personal data, which could be used to steal wealth as well. There may be fear of having embarrassing photos uploaded in the profile that will be accessible for all.

In some social networking sites like Facebook, there have been serious privacy concerns. For which the teenagers currently using the site, might regret their posts and participation in future years.

The adjunct professor for the Faculty of Science and Technology from Queensland University of Technology has said that what they harvest now, they'll cook later.

Due to the lack of consideration in privacy issues Facebook has been under strict vigilance now. It has updated its privacy settings this week once again by making it easier for its 450 million users to choose how much information they share, and with whom.