The Australian Fraud Survey conducted by the National Bureau of Statistics between 2010-2011 found that Australians lost over $1.4 billion as a result of personal fraud – a problem that affects at least 6.7% of the population.

However those at who are the greatest risk are not the middle-aged, less technologically aware crowd you would think but the polar opposite.

Jeff Bultitude of local branding and design agency Graphical Constructions says that the target audience for online identity fraud is those under the age of 24 as opposed to their parents or elders with deeper pockets and less web know-how.

“These kids are web-savvy and set up a heap of accounts on websites that they aren’t keeping track of,” Mr Bultitude said, “They’re using the same password for most of them and once that is cracked you have access to all of their information.”

Online superpowers like Google are particularly fond of linking login details across a number of their platforms - for example one password can now be used to open your YouTube and Gmail accounts simultaneously.

This plays a part in what Mr Bultitude says that the most common way those who are susceptible to online fraud are caught up in it.

“People are sent emails with links that if clicked can install a key-logger on their computer,” he says, “This will track your keystrokes and as soon as criminals have your passwords, they can do what they like.”

Mr Bultitude says that those who commit fraud are patient and clever because they know that a lot of the transactions they make can go unnoticed.

“It’s actually easier for them to make one thousand transactions of $10 as opposed to one transaction of $10,000 because they are less likely to be seen,” he said, “Victims don’t check their transaction histories closely enough to notice $10 here and there being taken from their account.”

Mr Bultitude said there are a number of obvious precautions to avoid being a victim of online identity fraud.

“The best thing people can do is use complex and multiple passwords for online accounts,” Mr Bultitude said, 

“Use a phrase and then change some letters to numbers. 

“Don’t use birth dates in your passwords, phrases are much harder to guess.”

“Always review your transaction histories to make sure you know where your money is going, don’t click on links in emails you receive from addresses that you don’t recognise and when banking online always type in the web address - do not use a saved one, especially on a shared computer.”

National Identity Fraud Awareness Week runs from October 8-14. For more information on the campaign visit stopidfraud.com.au

Simple tips that can help you avoid becoming a victim of identity fraud:

- Invest in a shredder to safely dispose of your bills, credit card statements and any other sensitive paperwork;

- Cut up your expired credit or membership cards before putting them in the bin;

- Don’t carry your Tax File Number, PIN numbers or birth certificate in your wallet or store them in your mobile phone;

- Don’t keep your car registration papers or drivers license in your car’s glove compartment;

- Consider a PO Box as your mail is kept under lock and key and your street address remains private;

- Lock your mailbox, especially if you live in a block of flats;

- Carefully check your bank statements for any unusual or unauthorised activity;

- When moving house be sure to update your address details so new tenants aren't given access to your mail;

- Install comprehensive security software on your computer and keep it updated; 

- Check your credit history annually to make sure there are no major changes to your credit rating.