With 55 million active users using Facebook in the last 30 days, (more than the entire paid newspaper circulation in the U.S.), and these users doubling every 6 months, Facebook is a social media phenomena. 50% of its users visit the site daily, and monthly there are over 70 billion page views.

What has driven the incredible growth of the site is viral expansion according to Chamath Palihapitiya, VP of Product Marketing and Operations for Facebook who addressed a crowd of 650 people representing over 21 different countries at the 2007 Kelsey ILM:Conference this past week in Los Angeles. This is because Facebook provides an environment of trust, safety and accuracy. But is this truly what social network sites provide?

In his November 12 article Guy Dixon, of vnunet.com indicated that one in four social network users are posting information that leaves them at risk of identity fraud. Younger users are the worst offenders with more than a quarter of 18-24 year olds posting information about other people without securing their consent. Your date of birth and your address is all a criminal needs to set up a credit card in your name.

Recently Facebook came under attack by users because of its new marketing program that tracks users purchases and publicizes them for their friends to see. (I feel sorry for the guy who purchased a cheaper engagement ring in time for Christmas through Overstock.com since now his girlfriend knows).

But one of the most troubling stories I have come across is one that was published by ABC News. It is a story of a St. Louis mother who set up a fake profile on myspace. She disguised herself as a 16 year old boy and carried on a relationship with a young 13 year old girl (Megan) whom her daughter had had trouble with at school. The relationship went on for about a month and ended in the Megan’s suicide. According to Megan’s mother the postings drove her daughter to suicide. Things were said like: the world would be a better place without you.

Perhaps eager national advertisers wanting to reach the young crowd shouldn’t be so anxious to wade into this uncharted territory of social media marketing. While fringe groups are necessary to advancement in our society, a client’s national brand and reputation associated with a story of a gang member’s confessions on a social networking site is hard to bounce back from.

Sit tight, we have a ways to go before social networking sites can provide trust, safety and accuracy and value for advertisers. This part of the internet is the wildest of the Wild West.