The Australian Payments Network released its 2016 Australian Payments Fraud Data Report, which revealed that recent increases in card fraud have largely been driven by identity theft and large scale data breaches through malware or phishing attacks, according to a report by Sydney Morning Herald.

There number of transactions made using stolen card details more than doubled since 2011 to total $417.6 million in 2016.

The figure represented 78 percent of more than $530 million in total netted by fraudsters last year, according to the study.

The widespread adoption of chip technology has made it more difficult for criminals to operate in the face to face environment, the study said.

Australian Payments Network CEO Leila Fourie said the figures prove just how fast criminals had followed Australian consumers to online platforms, where spending is now growing five times faster than conventional retail spending.