22 August 2012 6:54am

Australia has been specifically targeted by international fraud rings because of the sluggish adoption of online security systems, according to Visa. And the banks are partly to blame.

Because of the way banks initially promoted the security system "Verified by Visa" fewer than one in 10 Australian merchants have so far signed up for the security scheme, according to Justin Roche, director of e-commerce at Visa Asia Pacific.

Roche said that in the past the banks had obliged online shoppers wanting to have their purchases "Verified by Visa" to submit their details just before...