UPDATE: 29-6-2016 10:00 EDT: Facebook responded to the fake status on Wednesday, saying: “You may have seen a post telling you to copy and paste a notice to retain control over things you share on Facebook. Don’t believe it. You own your content and can control how it is shared through your privacy settings.”
Facebook is not making all your posts public, so publishing any kind of legal notice on your Facebook page or profile is totally baseless.
The only way to change your privacy settings is to adjust them yourself in the account settings on Facebook and practice caution when you post to the Web.
The below message posted by many on Facebook is fake, so copying and publishing such claims is not going to save you or anyone else.
Facebook message hoax
This not the first time users are posting such hoax or fake notices.
According to Snopes, messages about protecting your copyright or privacy rights on Facebook by posting a particular legal notice to your wall are all variants of an item circulated several years ago. The item posited that posting a similar notice on a website would protect that site’s operators from prosecution for piracy. In both cases, the claims are erroneous, an expression of the mistaken belief that using some simple legal talisman — knowing enough to ask the right question or post a pertinent disclaimer — will immunize one from some undesirable legal consequence. The law just doesn’t work that way.
Here is the full text of Facebook’s data usage policy
“We collect the content and other information you provide when you use our Services, including when you sign up for an account, create or share, and message or communicate with others. This can include information in or about the content you provide, such as the location of a photo or the date a file was created. We also collect information about how you use our Services, such as the types of content you view or engage with or the frequency and duration of your activities. “