Graydon UK, a credit management agency, warns that the official figures from the Ministry of Justice only scratch the surface of the real scale of the problem.

National crime statistics showed a 52 per cent increase in the number of reported fraud incidents in 2007, with 87 per cent of court cases bringing a guilty verdict.

Martin Williams, managing director of Graydon UK, says internet crime is developing as phishers create more convincing fake websites and pop-up windows which look like they come from banks.

‘All businesses have to educate themselves as to how to protect themselves against criminals who are becoming ever more sophisticated in their approach,’ he adds.

He says that some estimates show fraud costs the UK £50 billion a year and warns that companies should never let their guard drop if this is to be reduced.

Tips offered by Williams include matching delivery address details before sending out goods, running credit checks through authoritative agencies and validating all application information.

A recent report from the Chartered Management Institute found just under half of the firms they surveyed had been a victim of fraud.