Nowadays, artificial intelligence algorithms are used for targeted and personalized content distribution in the large scale as part of the intense competition for attention in the digital media environment. Unfortunately, targeted information dissemination may result in intellectual isolation and discrimination. Further, as demonstrated in recent political events in the US and EU, malicious bots and social media users can create and propagate targeted `fake news' content in different forms for political gains. From the other direction, fake news detection algorithms attempt to combat such problems by identifying misinformation and fraudulent user profiles. This paper reviews common news feed algorithms as well as methods for fake news detection, and we discuss how news feed algorithms could be misused to promote falsified content, affect news diversity, or impact credibility. We review how news feed algorithms and recommender engines can enable confirmation bias to isolate users to certain news sources and affecting the perception of reality. As a potential solution for increasing user awareness of how content is selected or sorted, we argue for the use of interpretable and explainable news feed algorithms. We discuss how improved user awareness and system transparency could mitigate unwanted outcomes of echo chambers and bubble filters in social media.