85% of fraud and cybercrime unreported

City of London Police warns that the overwhelming majority of crimes perpetrated by online hackers are never even reported, let alone prosecuted, with losses totalling billions of pounds.

In a new report, the police group, which leads the way in tackling fraud and internet-based crime in Britain, says that official data “vastly underestimates” the problem by only taking into account cases that are brought to the authorities.