Microsoft launched a new stolen accounts database yesterday in a bid to protect consumers and businesses from cyber criminals.
The Internet Fraud Alert tool is a centralised alerting system designed to inform companies about any breaches to their customers’ personal data, allowing them to then go on to take the most appropriate action, Microsoft said in a statement.
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Developed and sponsored by Microsoft, Internet Fraud Alert functions by allowing participating security researchers and investigators to report and track stolen account details, including compromised credit card numbers, and username and password login information for online services.
This information is then shared with service providers, retailers, financial institutions and government agencies.
Microsoft launched the tool in conjunction with the National Cyber-Forensics and Training Alliance. US businesses Accuity, the American Bankers Association, the Anti Phishing Working Group, Citizens Bank, eBay, the Federal Trade Commission, the National Consumers League and PayPal have all endorsed the database.
What Microsoft said
‘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 own,’ said Nancy Anderson, Microsoft corporate vice president and deputy general counsel.
‘By combining new technology and critical partnerships, Internet Fraud Alert helps alert institutions to stolen credentials so they can take action to combat fraud.’
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