Microsoft on Thursday launched a centralized alerting system that provides researchers with a place to report stolen online bank account credentials or credit card numbers they discover online.
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Internet Fraud Alert, which will be managed by the National Cyber-Forensics and Training Alliance (NCFTA), will quickly notify financial institutions, retailers, service providers and others about compromised credentials so that they protect their customers, according to Microsoft.
Until now, security researchers who discover compromised credentials haven't had any mechanism to warn the affected bank or service provider, Microsoft said.
The American Bankers Association and Citizens Bank support Internet Fraud Alert. Other participants are eBay Inc., the Anti-Phishing Working Group, PayPal, the Federal Trade Commission, and the National Consumers League.
Microsoft donated the technology for Internet Fraud Alert to the nonprofit NCFTA, which fosters collaboration between the public and private sectors on cybersecurity. Accuity, a provider of global payment routing data, has donated a system to help NCFTA to vet organizations participating in the alert program.