Acts of fraud cost the world approximately $3.7 trillion each year, while it’s estimated the typical business loses five per cent of annual revenues to fraud.

As of October 31, there have been more than 1200 fraud offences reported to ACT Policing this year, with Paywave fraud the most common type reported in the ACT during 2018.

Other highly reported instances of fraud this year include cheque or credit card fraud, obtain property by deception, and counterfeit currency offences.

Detective Acting Station Sergeant Harry Hains urged people to remain vigilant to acts of fraud.

"Any person of any age can be the victim of fraud," Mr Hains said.

"International Fraud Awareness Week reminds us that this is a global problem, and that ACT Policing is acting as part of the global effort to tackle fraudulent activity in our local community."

He said there were a number of ways people could protect themselves from acts of fraud.

"Don’t open suspicious texts or emails – delete them, don’t send money or give credit card, online account details or copies of personal documents to anyone you don’t know or trust," he said.

"Choose passwords that would be difficult for others to guess, and update them regularly. Don't use the same password for every account, and don't share them with anyone.

"Be very careful about how much personal information you share, particularly on social media sites."

He said urged victims of fraud to not stay silent.

"Information reports from members of the public allow police to investigate instances of fraud and bring charges against those responsible," he said.

"If you see something that doesn’t seem right, or a deal that seems too good to be true, please report it to police or ScamWatch.”

Anyone with information relating to acts of fraud or scams that could assist police is urged to contact Crime Stoppers on 1800 333 000 or via the Crime Stoppers ACT website. You can also contact ScamWatch via their website.