Titan Shield is the latest version of SmitFraud, which is more commonly known as SpyFalcon, SpyAxe, SpySheriff, SpywareQuake, Malware Wipe, Pest Trap, and many other names. Like the others, Titan Shield will give you fake alerts about your computer having spyware. Also, your homepage will be changed to one that looks like a Windows Security Center page from Microsoft. It's not real. It is just a way to trick you into downloading software they want you to buy.
Here is an example of the homepage hijack:
It also appears that Titan Shield downloads some files that are meant to look like spyware or trojans so it can "find" malware on your computer. The files aren't really spyware, but are put on your computer to validate Titan Shield finding spyware on your computer. This is according to Eric Howes, Sunbelt's Director of Malware Research.
The culprit is the new rogue anti-spyware app, TitanShield Antispyware.Incredibly enough, this app loads a bunch of bogus spyware/adware, which is then proceeds to detect. The bogus spyware/adware conists of both garbage dummy files named and located like the originals of the above threats as well as Registry
keys that actually match the above threats.
To remove this spyware from your computer, you can use the same instructions that I have posted about in my Easy Fix For Spyware and Virus Alert. The tool SmitFraudFix is constantly updated and can remove Titan Shield.