Microsoft, eBay and PayPal have launched an Internet Fraud Alert system aimed at helping security researchers report information they find online about stolen data.

Microsoft says its Internet Fraud Alert service will allow security researchers to more securely share information with service providers, retailers, financial institutions and government entities about incidents where compromised account credentials have been discovered.

Microsoft has donated the tool to the National Cyber-Forensics and Training Alliance which will manage the program while Accuity, the American Bankers Association, Anti-Phishing Working Group, and the Federal Trade Commission will all participate.

"Those who traffic in stolen identities often use online tools to collect, share and profit from compromised account credentials, but those of us working to combat identity theft have a few tools of our own," said Nancy Anderson, Corporate Vice President and Deputy General Counsel, Microsoft.

"By combining new technology and critical partnerships, Internet Fraud Alert helps alert institutions to stolen credentials so they can take action to combat fraud. The Microsoft Digital Crimes Unit is proud to be working with the National Cyber-Forensics and Training Alliance and everyone joining with us today to announce this valuable new tool in the fight against cybercrime."