It comes as figures revealed the number of prosecutions for the crime has dropped by more than three quarters since 2010.
There were close to 16,000 fraud prosecutions in 2010 but only 4,000 went to court last year, Parliament's Home Affairs Select Committee was told.
In a submission to its fraud inquiry, the Police Foundation think tank wrote: "Data reveals a 77 per cent reduction in cases being prosecuted and sentenced between 2010 and 2022." This is despite fraud making up 41 per cent of all crimes in England and Wales.
Just two per cent of police resources are dedicated to tackling fraud, which has a conviction rate below one per cent.
And the National Crime Agency believes 80 per cent of fraud may never even be reported.
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