Corporate fraud has rocketed to almost double the rate seen last year, but experts warn that things will get a lot worse.
A new study shows that reported fraud soared to £960m in the first six months of the year, compared to the £1.2bn that was recorded for the whole of 2008.
According to BDO Stoy Hayward's six-month update to its annual fraud report, the total number of fraud cases has jumped by a third.
Simon Bevan of BDO said: "From a fraud point of view we are a long way from bottom. It is extremely likely that the total fraud figures will treble during the course of the recession".
He added: "There is a whole wave of commercial lending fraud that is yet to crash around the ears of UK and overseas banks."
The group predicted fraud would hit £3bn per annum, a particularly alarming figure as it estimates that 95% of all fraud does not make it into the above figures.
The figures only include cases that have been publicly reported to authorities, but BDO said banks, property companies, housing associations tended to steer clear of the courts and handle problems privately.
The over-valuation of property prices which has been exposed in the recession contributed to the £97m bill for property fraud.
The finance and insurance sectors suffered to the tune of £657m in the first six months, while retail and counterfeiting also increased.
While London and the South East are hardest hit by fraudsters, the report showed a substantial increase in fraud in the North East of England.
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