A REAL EXAMPLE OF WHY FACEBOOK PRIVACY IS A PROBLEM : 

OPEN BOOK (SEARCH ENGINE) :

Image Source[3]

Openbook enabled one to search for specific texts on the walls of Facebook subscribers which they had denoted, knowingly or unknowingly, as being available to "Everyone," i.e. to the Internet at large. It was built by San Francisco website developers Will Moffat, Peter Burns and James Home within a few hours on May 12, 2010, and received nearly six million page views in its first two weeks on-line from over a million people in over two hundred countries.

In May 2012, the website was moved from its original domain youropenbook.org to openbook.org. In July 2012, Openbook was shut down due to legal reasons. Facebook itself now provides the same capacity to search Facebook pages for a word or phrase for logged in users.

OpenBook is a powerful statement and illustration for why privacy matters. Perhaps the fault lies with the people who carelessly post potentially embarrassing information about themselves but one cannot deny possible negative repercussions. As employers use the Internet to do background checks and colleges scouring information about potential new students, one cannot be too cavalier about their public or private information.

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RESOURCE (EXTERNAL LINKS)

[1] Functioning Open source site - Referred on 2015-02-14
[2] WikiPedia  - Referred on 2015-02-15
[3] Facebook's Privacy concerns - Referred on 2015-02-14
[4] How to Lock down Facebook Privacy - Referred on 2015-02-14