Internet Fraud Alert enables companies and security organizations to share information about stolen account credentials in an attempt to combat internet fraud.

"Internet Fraud Alert is a promising and innovative approach to help financial and online institutions discover hijacked accounts and close them or inform the affected consumers," said Chuck Harwood, deputy director of the Federal Trade Commission (FTC),

The service, built on specialized software developed by Microsoft, is the first for sharing information securely between security researchers and service providers, retailers, financial institutions and government departments.

Internet Fraud Alert, which is open to all reputable companies that do business online, will be administered by the US National Cyber-Forensics and Training Alliance (NCFTA).

"This program will enable the expeditious identification of current and emerging threats, which is key to the mitigation of compromised data," said Ron Plesco, chief executive of NCFTA.

Other partners include the American Bankers Association, Anti-Phishing Working Group, and National Consumers League.

This story was first published by Computer Weekly