Tuesday, June 29, 2010

New Fraud Alert Service by Microsoft, eBay, and Citizens Bank

http://3.bp.blogspot.com/_WWYb1nN_MQE/TCm2soPJHkI/AAAAAAAABQo/UuLn2Wfd6dQ/s1600/Internet+Fraud+Alert.jpegMicrosoft, eBay, and Citizens Bank have launched a new Internet fraud alert service designed to allow them to better share information about compromised accounts with each other in an effort to better fight online fraud. New Internet Fraud Alert group service allows companies to share information about compromised accounts. Its a joined forces 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 Inc.,
Federal Trade Commission, National Consumers League and PayPal, to release a new program that will help mitigate potential losses due to online fraud and account compromise.

Every year, millions of people become victims of Internet fraud and the problem is growing. To help protect consumers from this increasingly-common crime, Microsoft has joined forces with the National Cyber-Forensics & Training Alliance (NCFTA), to develop the Internet Fraud Alert. Internet Fraud Alert creates a trusted and effective mechanism for participating researchers to report stolen account credentials discovered online – such as username and password log-in information for online services or compromised credit card numbers – to the appropriate institution responsible for that account. Through a centralized alerting system powered by Microsoft technology developed specifically for this program, Internet Fraud Alert will quickly inform companies about compromised credentials, allowing them to take the appropriate action to protect their customers.  

Nancy Anderson, Corporate Vice President and Deputy General Counsel, Microsoft Corp. The new program is "an important new piece of our arsenal to fight online fraud and protect consumers,". "The institution responsible for that account ... will receive an immediate alert so they can take immediate action. It's an effort to get the right information into the right hands of the right people."

"Internet Fraud Alert is a promising and innovative approach to help financial and online institutions discover hijacked accounts and close them or inform the affected consumers," Chuck Harwood, deputy director of the FTC, said in a statement. "We hope that someday there won't be a need for a secure database of stolen account credentials." 

Phishing and malicious code attacks pose a serious threat to consumer identity and account credentials. In 2009, the Anti-Phishing Working Group received more than 410,000 unique phishing e-mail reports, and recent data from the group show that the number of brands being exploited by phishers is at an all-time high.

Internet Fraud Alert will bring together a wide assortment of stakeholders, including retailers, financial institutions, service providers, technology companies, academic researchers, consumer advocates and government agencies, in the shared interest of reducing online fraud and protecting consumers. As the technology creator and sponsor, Microsoft is donating the tool to the NCFTA, a nonprofit organization dedicated to facilitating public-private partnerships between industry, law enforcement and academia on cybersecurity issues. Accuity, a leading provider of global payment routing data, has donated a solution to assist NCFTA with the vetting of trusted institutions for participation in the program to help ensure the integrity of the alerting process.

More information about Internet Fraud Alert can be found at http://ifraudalert.org. Consumers interested in learning more about staying safe online and limiting the risk of identity theft can visit http://www.microsoft.com/protect, http://www.onguardonline.gov and http://www.lookstoogoodtobetrue.com.



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