As the title says "Google now lets site owners disavow links to counter "negative SEO"" "One great place to start looking for bad links is the "Links to Your Site" feature in Webmaster Tools. From the homepage, select the site you want, navigate to Traffic > Links to Your Site > Who links the most > More, then click one of the download buttons. This file lists pages that link to your site. If you click "Download latest links," you'll see dates as well. This can be a great place to start your investigation, but be sure you don't upload the entire list of links to your site - you don't want to disavow all your links!" To know more about this to protect your site from negative SEO, read http://gadgets.ndtv.com/internet/ne...-disavow-links-to-counter-negative-seo-281103
Thanks to Google that they made this tools. Actually Bing already have this kind of tools before Google
Yeah, Yahoo trying to become more smarter than Google. Well, this tool is good but you should use it carefully else it may hamper your search engine rankings.
If you use this, you will end up putting your site at risk of being flagged by google, even if the bad links pointed to your site were not done by you.