The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), has called on government institutions, private sector organisations, professionals, the media, and the public to join hands in confronting the threat of fraud.
The Institute’s Founder/Chairman, Governing Council, Dr. Iliyasu Gashinbaki, revealed that fraud has evolved into one of the most pressing global risks of the 21st century, costing economies, institutions, and individuals, trillions of dollars annually.
“According to the Association of Certified Fraud Examiners (ACFE), organisations worldwide lose an estimated 5% of their annual revenues to fraud, amounting to a staggering $4.7 trillion in global losses every year.”
The figure he said is almost equal to the nominal GDP of Germany ($4.74 trillion), and exceeds the current GDPs of India ($4.19 trillion) and Japan ($4.17 trillion). “It also represents about 6.5 times the GDP of the United States ($30.50 trillion) and approximately 4 times the GDP of China ($19.23 trillion). On the African continent, where the total nominal GDP is estimated at $2.8 trillion, global fraud losses are almost twice the size of Africa’s entire economy. These comparisons underscore the sheer magnitude of the global fraud crisis and the urgency with which nations must confront it,” he charged.
He was speaking in Abuja on Monday, against the backdrop of this year’s International Fraud Awareness Week which kicked off on Sunday, November 16 and runs till Saturday, November 22 with the theme: “Empowering Integrity: Unifying Against Fraud in Every Sector.” Elaborating on this, Gashinbaki said every year, the global observance unites governments, professional bodies, corporations, and civil society across more than 90 countries with a common purpose: “to deepen public consciousness on fraud risks and strengthen collective action in safeguarding financial integrity.”
On what should be done to combat the menace, Gashinbaki declared that government must continue to strengthen the legal and regulatory environment while organisations must prioritise ethical culture, transparency, and strong internal compliance controls, adding: “Professionals must uphold the highest standards of integrity. The media must continue to serve as a partner in driving public enlightenment, citizens must remain vigilant, informed, and committed to reporting suspicious activities. Fraud flourishes in silence, but awareness serves as our strongest line of defence.”
Providing a background to the International Fraud Awareness Week, CIFCFIN’s Registrar/Chief Executive, Dr. Isa Salifu said it began in the year 2000 “and since then it has remained a period during which the global anti-fraud community dedicates itself to creating greater awareness, strengthening resolve, and engaging in advocacy on how to make the world a better place through the fight against fraud — particularly financial fraud.”
In line with the above, the Institute on Tuesday, November 18, held a “Fraud Awareness Walk/Rally” from Unity Fountain to the Federal Secretarait in Abuja. It equally forwarded e-flyers, infographics and short explainer videos to online platforms. On Wednesday, there was a “Fraud Awareness Talk” at Juniour Secondary School, Gwarimpa, Abuja in a bid to catch them young. Yesterday it held a Webinar/Workshop: “Cost of Fraud on National Development” delivered by Dr. Anthony Garba. To round off the week, the Institute will this Saturday introduce a Webinar tagged, “Online Digital Forensics Fundamentals series 1-5 with the headline: “Unlock the Secrets of Digital Evidence,” to sustain the tempo of the anti-fraud awareness.
