A number of American public and private sectors organs have started to set up an online fraud alert service.

These organizations include; Microsoft, eBay, Citizens Bank and numerous US regulators, consumer organizations and security groups.

The new service enables companies and information security centers to exchange data about the stolen accounts details to help avert internet fraud.

On his part, the deputy director of the Federal Trade Commission (FTC) branded the  new service as an a promising and innovative approach to help the companies working online discover the stolen accounts  and close them down or notify the affected customers.

The new technology is based on specialized software developed by Microsoft and considered the first of its type to help share data between security researchers, service providers, retailers, financial institutions and government agencies.

The new service which is expected to be adopted by many famous companies, will be managed by the US National Cyber-Forensics and Training Alliance (NCFTA)

The chief executive of NCFTA, Ron Plesco said that the new program is going to discover both the current and emerging threats swiftly the issue which will help reduce cyber crimes.

A recently published report revealed that 25% of Britons were victims of electronic fraud and the fictitious bank messages considered the most used technique by the internet criminals.

It’s to be noted here that cyber crime is spreading widely today as it’s very easy, effortless and profitable.

Computer Weekly