The Office of Fair Trading believes scams cost UK consumers at least 3.5 billion pounds in 2008 and three million UK consumers a year fall victim to scams sent via post, email, text message and over the phone. Chances are you have been targeted at some point, be it via bogus lotteries, ‘free’ holidays, premium-rate calls and fraudulent individuals posing as bona fide salespersons.

So what can you do to avoid being caught out by scammers? How can you tell the difference between a scam and a genuine prize? You first line of defense should always be, if it sounds too good to be true, then it probably is. Beyond that, there are a number of useful tools that will help you spot a scam before your pride, and your pocket, takes a knock.

If you are contacted by phone, then you can check the origin of the call on the website whocallsme.com. The site is a user supplied database of numbers of telemarketers, non-profit organisations, charities, scam artists and other companies. Searching for a number will reveal user feedback on the caller. If it is a fraudster, then you certainly won’t have been the only one they have tried to contact.

To help you protect your computer and to stop spam mail and other attempts at online fraud, Get Safe Online is full of information about anti-virus software, firewalls, dealing with suspicious emails and safeguarding your personal details from identity theft. Take these precautions and you are far less likely to be contacted by scammers in the first place.

Online shopping is safe and secure if you are know how to spot a dodgy seller. You need to know you are buying from a reputable company and that your payment details are safe. Follow this guide to avoiding online rip-offs.

Most people are aware of the dangers of phishing (a type of spam email that goes after your passwords and bank codes), but you should still read Moneysavingexpert.com’s guide to avoiding them. The site also has tips on stopping junk mail, calls, texts and other forms of spam.

You can block unsolicited sales and marketing calls to your home or mobile phone by joining the Telephone Preference Service. Once you have registered for free, it is illegal for organisations to call you. The Mailing Preference Service works in the same way and will stop junk mail from falling through your letter box.

Being billed for receiving text messages you did not want in the first place is just as annoying. Regulator PhonePayPlus allows you to check strange numbers that appear on your bill and will investigate complaints about companies that refuse to stop sending you messages.

One of the best sources of advice and information in our battle against fraudsters and scammers is Consumer Direct. Set up by the Department of Trade and Industry, the website is there to help anyone who fears they may be the victim of rogue money-making schemes. The site offers a guide to recognising scams as well as advice on preventing unwanted sales calls, emails and texts. It also allows you to report a scam and learn how to take action against those who go after your hard earned cash.

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.”