Alibaba CEO and COO Step Down

According to reports, Alibaba CEO David Wei and COO Elvis Lee have both resigned, following findings of fraudulent activity among thousands of sellers.

Neither executive was found to be actually involved in the fraud, but the company found a significant increase in claims against particular sellers over the last year.

FTC Shutters Web Services Company

At the request of the Federal Trade Commission a U.S. district court has shut down the illegal operations of a company that placed false charges on the telephone bills of thousands of small businesses and people for Internet related services they never agreed to buy.

Microsoft Launches Internet Fraud Alert System

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.