• Financial institutions in Nigeria lost N52.26bn due to fraud in 2024-Britsh High Commission
• He says that 76 million people are victims of fraud annually
The call, ISO/TC309/WG8 and the President, the Government of the organization of SONC, Prof. OSerheimen A. Osunbor declared on Tuesday that the world economy loses more than $ 4.7 billion per fraud annually.
Speaking in Abuja at the launch of ISO 370032: 2025, Osunbor said that the formation of the new standard began outside of ISO TC 309 Plenary in Sydney, Australia in November 2018.
“There was a need to develop a standard to address fraud in organizations that would be aligned with the TC 309 strategic business plan after our Plenary presentation, an ad hoc group was constituted by resolution to determine the desire for an ISO delivery in fraud controls.
“The ad hoc group designed and administered a global survey, and we received responses from a wide range of organizations, small, medium and large, covering commercial, governmental and non -governmental organizations from various sectors.
“The answers established key facts, namely; one, there was awareness of the risks of fraud in organizations. Two, there were existing fraud controls within organizations, including the code of behavior of internal fraud, fraud policies, as well as fraud training and management reviews to mitigate the impact of fraud.
“Another element was that, despite the existence of these internal mechanisms and legal regulations, there was a clear need for an ISO standard that deals with fraud control.”
He explained that “the results of the investigation of the literature published by sources of good reputation show that fraud costs the global economy about $ 4 billion per year. In fact, the executive director of the Institute of Thoracic examiners put it at $ 4.7 billion, so” it is increasing. “
He pointed out that the total loss amounts to 7% of the annual ball losses of organizations based on the findings. “The leadership of TC 309 in 2022 approved the proposal and the working group established to develop a standard of the fraud control management system after going through all the different stages of development, from the draft work to the Committee, draft international standard and final standard of international standard.
“The document was published as an international standard on May 29 of this year. It has been adopted by Son as a national industrial standard in accordance with the Nigerian Standards Organization Law.
“Today we meet here to witness the formal presentation and launch of the ISO 37,003 standard is an answer to the global concern about the harmful effects of fraud.
Osunbor said that the standard provides guidance for organizations for the development, implementation and maintenance of an effective fraud control management system, including fraud prevention, early fraud detection and effective response to fraud events that have occurred or can occur in the future.
“By adopting and implementing ISO 37.003. Together with the other family of TC 309 standards, Iso Member countries and their organizations will increase their global competitiveness by sending a clear sign that they maintain the highest level of governance and that it is safe to do business,” he reaffirmed.
Also speaking at the event, Sorrel Evans of matters of justice and household affairs with the high British commission in Abuja reiterated that “in the name of the United Kingdom, I feel honored to be here today along with our Nigerian partners, united in a shared mission: to protect our economies and our cities of the growing threat of fraud.
“Fraud is not just a financial problem, it affects livelihoods, undermines trust and, in the most heartbreaking cases, it costs lives.
“The problem scale is amazing: it is estimated that there are 76 million victims of fraud every year,” he said.
Evans said that worldwide, scammers diverted an estimated $ 47 billion in just 12 months. “A figure that exceeds the GDP of many nations.
Also read: revealed: Pegassan Strike: motorists growl while fuel tails resurface in Abuja
“Only in the United Kingdom, 10 million people have been affected, which cost our 11 economy and individuals £ 15 billion in the last three years.
“Financial institutions in Nigeria lost N52.26 billion due to fraud in 2024 according to the latest report of the Inter-Banco Liquidation System of Nigeria (NIBSS).
Also read: revealed: Pegassan Strike: motorists growl while fuel tails resurface in Abuja
“But even more worrying: these trends are growing throughout the country, the continent and the world. This represents a significant increase of 295% compared to the N17.67 billion registered in 2023,” he explained.
Sorrel Evans said in parts of Africa according to Interpol, scam notifications increased by 3,000% last year, ”praising are by adopting the standard for fraud control.
“I want to thank the organization of Nigeria standards (Son), the British Standards Institution (BSI) and all interested parties who contributed to this effort. ISO, one of the world’s oldest international organizations, continues to demonstrate its central role in the configuration of a safer and more secure global economy.
“In the next few days, he will listen to experts and colleagues about the many ways in which fraud affects the viability and profitability of the business. But I encourage him to also look for this room to connect, collaborate and lead the next wave of change in this industry.
“Nigeria’s publication of these standards is more than a technical achievement. It is a declaration of leadership, commitment and ambition to be a global pioneer in fraud prevention,” he said.
Watch the best Nigerian Tribune TV videos