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Internet Fraud Alert Program Launched
Category : General 19 Jun 2010 01:49 AM | Industry News
Microsoft Corp. has 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.
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.
Microsoft is donating its reporting tool to the NCFTA, a nonprofit organization dedicated to facilitating public-private partnerships between industry, law enforcement and academia on cybersecurity issues. Accuity, a 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.
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. We hope that someday there won't be a need for a secure database of stolen account credentials," said Chuck Harwood, deputy director of the FTC, in a statement.
As online fraudsters become increasingly sophisticated in their endeavors, so too have public/private countermeasures. But we’re not yet as effective as we could be. For example, when compromised or stolen account information is uncovered, there is no easy way to determine the company responsible for the account or how best to report the problem – which wastes valuable time and resources.
Nancy Anderson, deputy general counsel, Microsoft, says: "Those who traffic in stolen identities often use online tools to collect, share and profit from compromised account credentials, but those of us working to combat identity theft have a few tools of our own. By combining new technology and critical partnerships, Internet Fraud Alert helps alert institutions to stolen credentials so they can take action to combat fraud."