Software giant Microsoft has announced that it has a team of its finest minds working on a new project that will allow internet users to report stolen data, including credit card numbers and other private information.

Dan Clements, former president of CardCops, told The Age that the new system will allow researchers handle data they find online and deliver it back to companies and individuals. He said that the information about any fraud will get sent to everybody immediately and enable a superfast reaction to a discovery of online fraud.  

The program is also being managed by the non-profit National Cyber-Forensics and Training Alliance, along with the American Bankers Association and online auction giant eBay.

While it all sounds jolly good, Clements admits that it is a bit of a scatter gun effect and no one will really know if it is effective.