While security experts claim Internet banking fraud drains as much as two to five percent of revenue, the financial services industry isn't as forthcoming when it comes discussing online threats, and the Australian Bankers Association (ABA) refuses to comment.

A spokesperson for the Commonwealth Bank of Australia Pty Ltd. said SSL encryption has served them, and their customers well and it is confident it will continue to do so.

The spokesperson pointed out that SSL encryption is a global industry standard.

"We are constantly reviewing and assessing our Internet security measures so that our customers can have the utmost confidence and trust in our service," he said.

Paul Jennings, head of channels and systems management for Westpac Banking Corp., said the latest threats - like phishing - doesn't defeat SSL encryption, only tricks the customer into revealing their identity. He said this occurs before the SSL encryption begins.