Microsoft leads assault on Internet fraud

Microsoft has teamed up with eBay, Paypal, and a bunch of bankers, to set up a stolen credit card early warning system for consumers.

The web-based whistle-blowing system will allow participating 'security researchers' to log compromised credit card details they have discovered online with a central database, which will then inform the relevant banks and institutions.

A sokesvole said: "Internet Fraud Alert (IFA) represents an important step forward in fighting online fraud. It will serve the much-needed purpose of enabling security researchers and investigators to more securely and systematically share information with service providers, retailers, financial institutions and government entities about incidents where compromised account credentials have been discovered.

"To date, when the security community uncovers compromised credentials stemming from phishing attacks, for example, there has been no simple mechanism to warn the service provider or bank about the exposed credentials."

It hasn't been made clear how the vetting process for security experts will work, or who exactly will be allowed to report compromised accounts, but I reckon I could seriously curtail my wife's shoe-shopping bill by reporting her cards as compromised every Saturday morning.