Government, Industry Join Forces to Fight Cyber Fraud
The private sector and the government have launched a new online-fraud alert service developed to make it easier for both parties to share information about cyber crime.
Up to date, when compromised credentials stemming from phishing attacks were uncovered, there was no easy way to warn the service provider or bank about the exposed information. The newly launched Internet Fraud Alert will make it easier for participants to report stolen account credentials discovered online to the institution responsible for that account. Via a centralized alerting system developed specifically for this program, Internet Fraud Alert will quickly inform companies about compromised credentials and allow them to take the appropriate measures to help protect their customers.
Phishing and malicious 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 email reports, and recent data from the group shows the number of brands being exploited by phishers is at an all-time high.
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 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.
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