First there was “phishing” - where criminals try to steal people’s personal details using dodgy emails that look like they’re from the bank.

Then there was “spear phishing” - more sophisticated, targeted attempts to defraud specific organisations or their customers.

Now online fraudsters are trying to land even bigger catches by harpooning company bosses and their senior managers.

This latest and most audacious technique is called “whaling”

Fraudsters attempt to lure executives to reveal sensitive details about their business or click on a link in an email that will secretly download malicious software onto their computer.

Criminals could then attempt to defraud the company using the information they quietly gather.

Guy Bunker of Symantec, the Internet security company, says: “Whaling is basically going after the big fish in the sea. It’s targeting people at the top of the organisation.”

“There have been attacks in the States where a whole bunch of CEOs get sent a very official looking email that say you’ve been subpoenaed in court. If you click on this link you’ll get the citation.”

The link was the bait and the boss has exposed his corporation to fraud.

The extent of that problem was laid bare at Infosecurity Europe, an annual computer security conference held in west London.

A government-sponsored survey carried out by PricewaterhouseCoopers said online fraud costs the British economy alone about 6 billion pounds a year.

And with more business carried out online, the problem shows no signs of going away.

Lord Erroll, a technology expert in the House of Lords, told the conference: “The world isn’t going to change with a new generation coming through. It will have gullible and greedy people in it as well.

“So there will be people who do things wrong and are stupid and get conned. Technology alone isn’t going to protect people.”

A little white lie never hurt anyone, right? Wrong: it could have serious financial implications for your future. A growing number of people are getting into financial difficulty at a younger age and are then telling lies on applications forms to obtain credit, insurance and other products, according to CIFAS, the UK’s fraud prevention service.

The number of application fraud cases filed on the CIFAS database increased from 62,000 in 2004 to 77,000 in 2007, an increase of more than 24 percent. In each of these cases, people told “material falsehoods” on application forms or supplied false or altered documents to support them. The lies most frequently told included trying to conceal a poor credit history or exaggerating the length of time resident at a particular address in the belief that stability increases creditworthiness.

Verification checks often unearth such “little white lies”. But there are also more serious ramifications. At the very least, having your application refused could, in itself, work against your credit score. “Lenders look at the number of searches conducted by consumers as part of the credit assessment process and a number of searches in a short space of time would impact on a consumer’s score,” says Neil Munroe, external affairs director at credit reference agency Equifax. “But more significantly, if a lender felt the information provided could be deemed as fraud and decided to prosecute, this would show on an individual’s credit file and could seriously affect their ability to get credit in the future.”

People who have missed payments on previous credit agreements are advised to explain these to any new potential lender. A “notice of correction” service run by credit reference agencies give the facility to provide an explanation of circumstances that might adversely affect your ability to obtain credit on your credit file. There are other ways, too, to try and improve your rating:

* Make sure you are registered on the Electoral Roll — this is an essential way for lenders to verify an applicant’s identity and prevent ID fraud;

* Be aware of searches on your credit file when shopping around and how it can affect your credit rating;

* Close old credit card accounts — even if they show a zero balance lenders will look at the potential credit available when assessing applications;

* Aim to pay off more than the minimum each month otherwise it could take years to pay off debts and you will incur huge amounts of interest;

* Set up Direct Debit payments for loan repayments to avoid costly late payment charges.

And above all exercise honesty. In this case, it really is the best policy.