Whilst debt, redundancy and unsustainable living costs may lie at the top of our concerns during the credit crunch, millions of Britons could also be at risk from financial fraudsters, new figures have shown.

According to UK payment association Apacs, online banking fraud more than doubled in 2008 to £52.5 million – up from £22.6 million in 2007.

Total fraud losses on UK debit and credit cards rose by 14% last year to £609 million, as fraudsters adapt to new technology faster than consumers.

Internet purchases leave Britons most vulnerable to bank fraud, as levels rose by 13% to £328 million in 2008.

Most fraud victims in the UK are not liable, thanks to terms outlined in the Banking Code, and can claim back stolen money from their bank. Providing they are deemed not to have acted without reasonable care, consumers will be reimbursed if their card or account number is used, stolen or cloned.

Financial awareness is key to tackling fraudsters, as the sooner consumers alert their bank to any criminal activity the more likely it is that they will receive compensation.

Being familiar with your finances has been the overwhelming advice from financial institutions during the recession, as managing your outgoings and monitoring your monetary situation is vital in order to stop yourself from slipping into debt as well as avoiding potential fraudulent activity on your account.