"Banks tell us that customers are reporting fewer incidents of online fraud due to the industry's efforts in fraud prevention such as employee training, strict privacy policies, rigorous security and encryption systems," Bell said.

"This is in addition to communicating with customers and educating them on how to avoid becoming a phishing victim.

"These combined efforts have resulted in a comparatively low level of fraud in Australia compared to the UK and other countries."

Bell said the credit card fraud rate for signature-based transactions globally is currently around 7 cents for every $100 transacted compared to 4 cents for every dollar in Australia.

"The Australian PIN-based debit card system does even better at less than 1 cent for every $100 transacted," Bell added.