The Standards Organisation of Nigeria (SON) has revealed that fraud costs the global economy over $4.7 trillion annually, representing nearly seven per cent of organisations’ revenues worldwide.
Prof. Oserheimen Osunbor, Chairman of SON’s National Technical Committee on Governance of Organisations, disclosed this in Abuja at the official launch of ISO 37003:2025, the world’s first international fraud control management system standard.
He noted that despite internal mechanisms and statutory regulations, fraud remains pervasive, often aided by advances in technology and artificial intelligence.
According to Osunbor, the journey to ISO 37003 began in 2018 at an ISO plenary in Sydney, Australia, which led to the formation of an ad hoc group and a global survey. The findings confirmed the urgent need for a dedicated fraud control standard as financial and social losses mounted.
The new standard, published in May and now adopted in Nigeria, provides organisations with guidance on prevention, early detection, and response to fraud. It also marks the first time Nigeria has co-led the development of an international standard, working alongside the UK.
Speaking at the event, Ms. Sorrel Evans of the British High Commission described the launch as a milestone in the global fight against fraud.
She stressed that fraud is not only a financial crime but a human tragedy, citing an estimated 76 million victims globally every year and losses of $4.7 trillion siphoned by scammers.
“Nigeria alone recorded N52.26 billion in financial sector fraud losses in 2024, a sharp increase of 295 per cent from N17.67 billion in 2023,” Evans added.
She commended SON, the British Standards Institution (BSI), and other partners for their leadership, noting that Nigeria’s role demonstrates ambition and commitment to global best practices.
“Fraud thrives in silence and fragmentation. By launching ISO 37003, Nigeria, the UK, and their partners are choosing transparency, unity, and action,” she said.
Also speaking, SON’s Director-General, Dr. Ifeanyi Okeke, said the standard would serve as a strategic tool to promote transparency and good governance in Nigeria.
He assured stakeholders that SON would drive implementation through awareness campaigns, training, and a credible certification scheme.
