Fraud Drains $4.7 Trillion Globally Each Year – SON
By FIDELUS ZWANSON
THE Standards Organisation of Nigeria (SON) says fraud costs the global economy over $4.7 trillion annually, nearly seven per cent of organisations’ revenues worldwide.
Speaking at the launch of ISO 37003:2025, the first international fraud control standard, SON committee chair Prof. Oserheimen Osunbor said fraud persists despite internal controls and regulations, fuelled by technology and AI.
The new standard, co-developed by Nigeria and the UK, provides frameworks for prevention, early detection, and response.
British High Commission representative Sorrel Evans called fraud a “human crisis” with 76 million victims yearly, noting Nigeria alone lost ₦52.26bn in 2024, a 295% surge from 2023.
SON DG Dr. Ifeanyi Okeke pledged awareness campaigns, training, and certification to drive adoption, calling the initiative a milestone in transparency and governance.
