In the newest verse to give user the control over their tiny piece of information in Facebook, it has rolled out a new privacy settings available at a single click. The lock like image in the side of every small information is the key to manage what others can access.
According to Facebook Blog, this new privacy will be made easier by passing through transitional phase. However it will take some time to get through all 350 million accounts.If you want to get though it here is the video by Facebook on how to use new Facebook Privacy settings.
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