Windows 7: Microsoft Delivers Blow to Internet Fraud with Internet Fraud Alert

Microsoft Delivers Blow to Internet Fraud with Internet Fraud Alert
The fight against online fraud evolves




Microsoft has just upped the ante when it comes down to fighting Internet fraud. Internet Fraud Alert is a new initiative powered by Microsoft technology and managed by the National Cyber-Forensics and Training Alliance (NCFTA), designed to bridge the gap separating security researchers from financial organizations and other online companies, by providing a trusted medium for sharing sensitive information. Specifically, security researchers coming across compromised or leaked customer account credentials, including usernames and passwords, but also across stolen credit card numbers can now turn to Internet Fraud Alert to report their findings in order to have customers protected against online fraud.

“With this information, institutions can take action to protect their customers from further fraud against their accounts,” Nancy Anderson, corporate vice president and deputy general counsel Microsoft, revealed. Anderson cited statistics from the Anti-Phishing Working Group, which indicated that, in 2008 alone, no less than one million U.S. households lost an estimated $650 million due to Internet fraud, phishing, or similar attacks. The number of unique phishing e-mail reports received in 2009 by the Anti-Phishing Working Group alone jumped over the 410,000 mark.