The majority of online crime is going unreported the City's top police officer has said, as he urged business to come forward and trust police to do investigate.
City police commissioner Ian Dyson estimates that just 10 per cent of all online crime experienced by business and personal fraud is reported to authorities.
He said it was an "urban myth" that police are dealing just with traditional criminal investigations and that they have "many good people" working on cyber crime.
"We go where the criminality is," he said, speaking at the Innovate Finance Global Summit. "Some think, 'can enforcement do anything?'," he said, particularly businesses worried about their reputation. "Please do report it," he urged.
He said law enforcement has taken down 180,000 bank accounts, phone lines and websites involved in fraud. The force also gets intelligence from the cyber criminals it catches which it uses to inform business of potential new threats.
But, he warned the threat is on the rise, despite best efforts by business, government, police and other authorities: "It will have increased [next year] by virtue of more business being online."