Accuity, the leading provider of global payment routing data, anti-money laundering (AML) screening software, and services, has partnered with the National Cyber-Forensics and Training Alliance (NCFTA), along with Microsoft, the American Bankers Association (ABA), Citizens Bank, eBay, the Federal Trade Commission, the National Consumers League and PayPal, for the release of Internet Fraud Alert, the only program of its kind that helps mitigate the risks of online fraud.
Internet Fraud Alert, an innovative system enabling real-time reporting of suspected online fraudulent activity, offers a trusted and effective means of alerting financial and online institutions about potentially-compromised account credentials helping to diminish losses due to fraud. The system brings together an assortment of industry and government leaders who have a shared interest in reducing online fraud and protecting consumers. Microsoft, the creator and sponsor of the technology that powers the alerting system, has donated the tool to the NCFTA, a non-profit organization dedicated to facilitating public-private partnerships between industry, law enforcement, and academia on cyber-security issues. Accuity has donated its proprietary Databank solution to assist and enhance the NCFTA's ability to vet the financial institutions participating in the program th us helping ensure the integrity of the alerting process.
The program, unveiled on June 17 in Washington, D.C., represents an important leap forward in the fight against online fraud. Internet Fraud Alert makes it possible for the appropriate researchers to securely and systematically share information with service providers, retailers, financial institutions and government entities about incidents where compromised account credentials have been discovered.
The system enables trusted participants to report the discovery of stolen account credentials that have been uncovered through Internet fraud investigations, service abuse incidents or other means. Once reported, Internet Fraud Alert will match the data to the institution that manages the account in question, sending a secure alert to the appropriate parties, who can then take appropriate action to protect their customers and mitigate the potential for future fraud or financial losses.
"Modern commerce depends on a trustworthy online marketplace but unfortunately, there will always be people trying to defraud consumers and erode the trust in that system," said Hugh Jones, president and CEO of Accuity and NRS. "Accuity has spent over a century earning the trust of financial institutions around the world. As a contributor to Internet Fraud Alert, we value the opportunity to extend that trust and be part of taking this significant step towards helping to protect and ensure the integrity of the online marketplace."