It costs organised criminals less than $1 to buy a person's credit card details allowing them to fleece millions of dollars from accounts, the Australian Crime Commission says.
Credit card information was the most commonly sold item in the underground economy in 2009, according to the ACC's Warren Gray.
Since then, the number of online frauds involving Australian-issued cards has nearly doubled.
And so has the amount of money fleeced - from almost $90 million in 2009 to $197 million last year.
Most offences were committed overseas.
Launching a new education program to help Australian businesses combat online fraud, Mr Gray said organised criminal groups had gone beyond using card skimmers and were now increasingly hacking computer systems to steal information.
"Stolen card data, including credit card numbers, can be purchased for less than one dollar each if purchased in bulk," he said in Sydney today.
"Once this data is in the wrong hands it can be used to buy often multiple and expensive items, online or via the telephone.
"In many cases, the victims are unaware that their information is being stolen, as their credit card - or debit card - still remains untouched in their wallets."
The Australia Payments Clearing Association (APCA) has created the free education program to give business owners tips on how to protect both customer information and themselves from online fraud.
APCA chief executive Chris Hamilton said internet-based card fraud was on an upward trend in Australia and was expected to continue rising in the years ahead.
"Online fraud is a significant issue right now because of the relative novelty and the rapidly expanding nature of online activity generally," he said.
The Australian Retailers Association executive director Russell Zimmerman said retailers new to the online space needed to pay greater attention to payment security, not just sales numbers.