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Microsoft introduces Internet Fraud Alert system

Centralised alert system will report compromised accounts to multiple partners.

Microsoft has teamed up with the National Cyber-Forensics and Training Alliance (NCFTA), with the support of Accuity, the American Bankers Association, Anti-Phishing Working Group, Citizens Bank, eBay, Federal Trade Commission, National Consumers League and PayPal, to launch a new programme that is designed to help mitigate potential losses due to online fraud and account compromise.

According to Microsoft, the Internet Fraud Alert will offer a mechanism for participating researchers to report stolen account credentials discovered online, such as username and password login information for online services or compromised credit card numbers to the appropriate institution responsible for that account.

The new programme will inform companies about compromised credentials through a centralised alerting system powered by Microsoft technology. It enables security researchers and investigators to securely share information with firms about incidents where compromised account credentials have been discovered.

The Internet Fraud Alert will bring together an assortment of stakeholders, including retailers, financial institutions, service providers, technology companies, academic researchers, consumer advocates and government agencies, in a move to reduce online fraud and protect consumers.

In addition, Microsoft is donating the tool to the NCFTA, a nonprofit organisation dedicated to facilitating public-private partnerships between industry, law enforcement and academia on cybersecurity issues.