Officers from South Yorkshire Police's economic crime unit are playing a key role in setting up the Yorkshire and Humberside Fraud Forum.
The forum will aim to spread information about fraud prevention techniques and how to avoid losses.
It will be officially launched in November.
Chief Constable of South Yorkshire Police, Mereddyd Hughes said: "This will be a huge boost in combating fraud with involvement of business leaders, chambers of commerce and the police.
"Fraud is a pernicious and insidious crime that in the end costs us all money"
"It is estimated that fraud costs the country something in excess of £20bn."
Officers from all four forces in Yorkshire and the Humber were participating in efforts to reduce fraud across the region, he said.
The forum is being supported by Yorkshire Forward and the Government Office for Yorkshire.
Mr Hughes added: "Fraud is a pernicious and insidious crime that in the end costs us all money in the extra costs that businesses charge to cover their losses."
"If this initiative can help to reduce those costs then it can only be for the good of everyone in the region."
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