Media reports incorrectly stated that Australian banks, either independently or through lawyers, have been lobbying ASIC regarding the changes to liability in a bid to tackle Internet banking fraud.

Refuting the reports, ASIC came out in support of the ABA yesterday by publicly declaring it is unaware of any lobbying by the financial services industry.

There certainly hasn't been any submissions on this issue made to ASIC, according to ABA's Bell.

"I have spoken to ASIC today who say they are unaware of any ABA member lobbying them on this aspect of the EFT Code review," he said.

The Commonwealth Bank Group was even more direct, labelling the claims as "totally false."