What is Internet Fraud Alert?
Internet Fraud Alert (IFA) is a system that functions as a centralized clearinghouse and alerting mechanism allowing trusted participants to report compromised credentials that have been uncovered online. Once reported, IFA will issue an alert to the relevant financial institution or other service provider indicating its customer’s credentials have been compromised. Information regarding the compromised credentials will also be made available to law enforcement tasked with investigating cyber crime.
How does IFA work?
Users submit data through the IFA web application. Once reported, IFA will then issue alerts to the appropriate financial institutions or other service providers indicating customer credentials may have been compromised. The organizations may then log in to IFA and download the reported data as either a comma delimited or tab delimited file.
What if the organization is not a member of IFA?
Research will be conducted to determine the authoritative organization and all reasonable attempts will be made to make them aware of IFA and to solicit their participation.
How does an organization become an IFA partner?
To become an IFA partner, an organization must be affiliated with a trusted online service provider or retailer, financial institution, law enforcement, government, or Internet security research firm, and undergo a thorough vetting process.
What else happens to the data?
NCFTA performs analyses on all submitted data within the scope of its Mission. A submitting organization can choose to share its information with law enforcement.
What is the cost of IFA?
There is no cost at this time. Microsoft has donated the tool to the NCFTA. Accuity, the leading provider of global payment routing data, has donated a solution to assist the NCFTA with the vetting of institutions. There will be future cost needs in terms of maintenance (bandwidth, internal data parsing, etc.) and any upgrades to the system.
For more information, please see: https://www.IFraudAlert.org.
FOR IMMEDIATE RELEASE Contact: Fleishman-Hillard Alex Kepnes, 703-575-8900 [email protected] PENNSYLVANIA GOVERNOR TOM CORBETT, FBI, DEPARTMENT OF HOMELAND SECURITY, AND UNITED KINGDOM OFFICIALS TO ADDRESS GOVERNMENT AND INDUSTRY COLLABORATION ON FIGHTING CYBER THREATS Forum to Focus on Steps Industry and Government Must Take to Address Cyber Threats at National, State and Local Levels [...]
Individuals should be vigilant of emails concerning tax refunds. Fraudsters consistently send spam appearing to be from the IRS and financial institutions containing a link to a phishing website and/or malware typically during tax season in the US. Fraudsters then attempt to either socially engineer potential victims and/or infect their computers in order to gain [...]
The NCFTA, along with its law enforcement and industry partners, has observed that cyber criminals are gaining access to compromised email accounts and leveraging the relationship between the email account holder and their financial advisor to request unauthorized wire transfers. The criminals either use the existing email address or slightly change the email address by adding or supplementing a letter or number. The criminals then typically attempt to socially engineer the advisor through stories of hardship or loss in order to justify the wire transfer.
Once the criminals have verified the amount in the account, they request that funds be sent to bank accounts in the US, Australia, and Malaysia. Some of the funds sent to US and Australian accounts have ultimately been sent to Malaysian accounts. Some of the money mules were recruited by romance scams on dating websites. Banks, brokerage firms, and credit unions of all sizes have been affected by this scam.
Please see http://www.ic3.gov/media/2012/EmailFraudWireTransferAlert.pdf for additional information on this scam and guidance on how to report such incidents to law enforcement.