Named CreepSquash, it can take care of delivering email alerts to parents when their children befriend new people, and also of highlighting communications that include inappropriate language. Additionally, CreepSquash can take care of notifying them whenever their children have been tagged on a photograph.
And CreepSquash can do something really interesting, which is determining which users are really genuine by looking at how many photos they have been tagged in. Those who have actually been tagged in images by others have what is termed a social proof quotient that goes into (somehow) ensuring who they are.
CreepSquash.com In Their Own Words
Parental Facebook Monitoring.
Why CreepSquash.com It Might Be A Killer
It should give parents all the assurance they need for letting their children sign up for a Facebook account.