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Con-artists are costing the UK economy at least £13.9 billion every year, senior police officers have warned.

According to a report commissioned by the Association of Chief Police Officers (Acpo), it would be "surprising" if the true total was not significantly higher than this.

The results of the year-long study were today presented to MPs and the attorney general Lord Goldsmith by Acpo's lead on economic crime Mike Bowron, who is also commissioner of police for the City of London.

Mr Bowron said that the total "figure excludes some major areas of criminality, such as income tax and EU fraud, where statistics are simply not available".

The police commissioner adds that if today's report, which was compiled in partnership with Professor Michael Levi of Cardiff University by analysing data from global reports and national surveys, included these missing estimates then total fraud costs would be in excess of £20 billion.

"To put this figure into perspective, such losses would pay for an additional 200,000 police officers or save every man, woman and child £330 per year," he said.

"It used to be said 'No one walks down the street in fear of being embezzled.' Well increasingly they do. Whereas once the average Briton dreaded being burgled or having their car broken into, they are now worried about identity fraud, mass marketing scams and other forms of financial crime that have a serious impact on our lives.

"Long gone is the notion that fraud is a victimless crime," Mr Bowron concluded.