Banks have developed a solution to quell the wave of cyber hacks on companies – a new digital identification system – but its take-up by telcos and insurers bound by the government’s 100-point ID check regime will require changes to a 1988 law, a senior NAB executive says.

Angie Mentis, National Australia Bank group executive for digital, data and analytics, backed calls for reform of archaic identification rules that require customers to establish their identity by giving companies, including telcos and insurers, their passport and driver’s licence numbers – creating honeypots for hackers.