Consumers are being warned about the dangers of identity theft, with revelations Australians lost more than half a billion dollars to the crime last year.
More than 383,000 people fell victim to credit card fraud last year, but the Australian Bureau of Statistics has tipped the real figure to be much higher.
According to Fairfax, online transactions are putting consumers most at risk, with criminals hard to track and easily overcoming new security measures.
Security experts are accusing banks of not doing enough to protect individuals, amid concerns acknowledging the problem will damage their reputation.