Magento® 1.9.2 Cannot Create Account on Frontend

Sometimes you install a Magento theme and discover that you are not able to create new customer accounts on frontend. New account register form just reloads the registration page. It is possible that you face a problem while customer login.
This problem can occur when you upgrade from Magento 1.9.1.1 to 1.9.2.x. But here is the simple fix for this problem It occurs because the account registration/login template of your theme does not have a valid form_key field. Each form in Magento should have a hidden form_key field to prevent malicious requests.
So here is the solution:

Find the account registration/login templates in your theme. These should be available at following locations:

1) app/design/frontend/[your_custom_theme]/template/customer/form/register.phtml
2) app/design/frontend/[your_custom_theme]/template/customer/form/resetforgottenpassword.phtml
3) app/design/frontend/[your_custom_theme]/template/persistent/customer/form/register.phtml
3) app/design/frontend/[your_custom_theme]/template/persistent/customer/form/login.phtml

Check if the forms have form_key field in them. If not, add the following line after the <form> tag:

<?php echo $this->getBlockHtml('formkey') ?>

Save your templates and you are done.