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Government, Big Corps Team Up to Squash Cyber Crime

phishing_wideweb__470x340,0In an effort to better fight online fraud, the private sector and the government have released a new online-fraud alert service designed to facilitate information sharing concerning compromised accounts.

Microsoft, eBay and PayPal have teamed up with the National Cyber-Forensics and Training Alliance to launch a program that will help mitigate potential losses due to online fraud and account compromise. In addition to the private sector side, participating government agencies include the Federal Trade Commission and the National Consumers League.

Previously, when compromised credentials stemming from phishing attacks were uncovered, there was no simple 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. Through 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.

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