Internet Money Scams and Frauds are on the rise

internet money scamsToday’s malware and viruses are not created for fun and destruction. They are sophisticated and targeted attacks with a carefully chosen mechanism for extracting money from the target victims. Hackers and scammers are working overtime to devise newer ways to target innocent Internet users to crack their privacy and personal information for their own financial gains.

Microsoft, the leading software vendor, has recently joined hands with National Cyber-Forensics & Training Alliance (NCFTA), to present a unique initiative in the for of Internet Fraud Alert.

What is Internet Fraud Alert

Internet Fraud Alert creates a trusted and effective mechanism for participating researchers to report stolen account credentials discovered online – such as username and password log-in information for online services or compromised credit card numbers – to the appropriate institution responsible for that account. Through a centralized alerting system powered by Microsoft technology developed specifically for this program, Internet Fraud Alert will quickly inform companies about compromised credentials, allowing them to take the appropriate action to protect their customers.

Here is a nice video on the basic functionality of this promising tool to stop Internet money scams and frauds.