New fraud control standard aims to protect billions lost annually and boost trust.
The Standards Organisation of Nigeria (SON) unveiled ISO 37003:2025, the world’s first international fraud control management system standard, addressing prevention, early detection, and response to fraud. SON Chairman Prof. Oserheimen Osunbor emphasized fraud’s rising global toll of $4.7 trillion annually, worsened by technology and AI. The British High Commission praised Nigeria’s leadership in co-developing the standard, which promotes transparency and stronger governance. SON will drive awareness, training, and certification to ensure effective implementation, boosting Nigeria’s fight against fraud and attracting investor confidence.
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