A report by the Financial Services Authority (FSA) on how financial firms are managing their information security found that call centres with very high staff turnovers were especially vulnerable.

Major investment banks with large numbers of uncontrolled support staff also risked the leaking of price-sensitive information to crooks.

The report found that phishing and identity theft scams were fast replacing the corruption of bank employees as the main means of accessing vital data.

It recommended that financial institutions get the basics right - from employee screening to effective information security procedures - in order to reduce the risk of fraud.

The report also claimed that members of organised crime syndicates apply for jobs in finance firms in order to commit fraud.

It said there was 'evidence that organised crime groups deliberately target financial services firms in order to place staff to commit financial crime, in particular identity theft.'

The FSA wants firms to make tighter checks before taking staff on.