Mr Neate states: "25, 30 years ago the only thing you carried around with you that was important was your cheque book. Then you started having a banker's card.
"Now, your personal identity online is so precious and people can take it over if you lose it."
MySpace should ensure that telephone numbers and addresses are not displayed on personal profiles, he explains.
And those who leave networking websites should ensure their profile is completely closed down so that sensitive details do not linger unpoliced in cyberspace, the expert adds.
UK payments association Apacs reports that internet banking fraud increased by almost 45 per cent between 2005 and 2006.