Fraud can have a massive impact on both individuals and businesses, experts have warned.
According to fraud prevention service CIFAS, it is not true to say that fraud is a "victimless crime", as its impact is far reaching.
Identity fraud in particular was flagged up as a considerable hazard, as people's personal data can often be extremely valuable to criminals.
However, CIFAS said it believes more needs to be done to take action on the issue.
"All organizations must recognize this threat and review how they try to prevent such frauds," said Richard Hurley, communications manager at the group.
Businesses were encouraged to look at their security procedures to see whether they are fit for purpose.
CIFAS also suggested that members of staff who are registered to access business applications make sure they change their passwords on a regular basis.
Mr Hurley added that sensitive data should be treated in the same way as a "prized possession" and "protected without complacency".
Posted by Rachel Wheeler