Figures from the UK's fraud prevention service CIFAS reveal that £1,400 of fraud is prevented every minute.

In the first six months of 2006, the 250 CIFAS member companies prevented financial frauds to the value of over £360 million.

Statistics for the period January to June also revealed that, compared with the same period last year, identity frauds increased by almost 22 per cent, representing over 32,000 victims of impersonation.

However, CIFAS members' success in detecting and preventing these frauds has increased more steeply.

"The scale of fraudulent activity in the UK is alarming. It emphasises the need for businesses constantly to be alert when dealing with applications for goods and services, requests for additional advances and when processing insurance claims," commented CIFAS chief executive Peter Hurst.

"It is testament to the investment by our member companies and their staff that their skill in the detection of such frauds continues to grow."