The survey also revealed 53 per cent of the population now view online crimes as seriously as 'physical world' crimes, destroying the notion internet fraud is 'faceless' and of less importance than other offences.
It found 47 per cent of victims did not know who to report an online crime to, although this figure is expected to drop through the on-going work of Action Fraud, the UK's national fraud reporting centre - and the considerable Government resources now dedicated to fighting cyber crime.
Mr Elystan-Rees said: “Andrew Litt was running the business alone and should have realised it was out of control, but found it difficult as it was a family business whose staff were treated like family.
When problems began THE family-run business prospered for 16 years, with an indoor range at Maesglas Industrial Estate a central feature.
But difficulties began in 1995, when founder Donald Litt left the business to become full-time carer for his wife, who was suffering from motor neurone disease.
The indoor range at Maesglas was closed, sales dropped by 33 per cent and Litt’s marriage broke down, leading to him moving into rented accommodation.
Litt’s mother also died in 1997 and by 2001 his father’s health began to deteriorate, with him suffering from thyroid cancer and kidney failure before he died in 2010.
Online Shopping and Auctions Fraud involves a wide variety of methods, including bogus websites, or the exploitation of legitimate sale platforms and spoofed payment services, that whilst looking legitimate, are in fact controlled by the fraudster.
Another recent scam involves fraudsters exploiting online shopping applications Francis Maude, minister for the Cabinet Office, said: 'The UK cyber market is worth over £80billion a year and rising.
The internet is undoubtedly a force for good but we cannot stand still in the face of these threats, which already cost our economy billions every year.
Nearly half have opted for stronger passwords and are now extra vigilant when shopping online.
By 2007, he had borrowed too much and the company owed £16 million, with the value of its stock worth just £9.5 million. Mr Brown said that despite the large value of fraudulent activity, the loss was £8.2 million to private investors and guns totalling £1.5 million.
Litt pleaded guilty to two counts of fraudulent trading, between January 2004 and September 2007 and October 2007 and June 2008.
Litt, who was jailed yesterday for 32 months for fraud, was motivated by “cowardice, not greed” as he didn’t want his cancer-stricken father Donald to know the hugelysuccessful international business he had built was crumbling, the court was told.