By Felix KhanobaThe Federal Government has unveiled a new fraud prevention framework, ISO 37003:2025 – Fraud Control Management System – aimed at curbing fraudulent practices in both the public and private sectors. She stressed that the ISO 37003:2025 framework would help both government and private institutions adopt proactive measures in tackling fraud. Earlier, the Covenor, ISO/TC309/WG8 and Chairman SON NTC Governance of Organizations, Professor Oserheimen Osunbor, said the standard was developed in response to rising global fraud losses. “Research findings from the literature published by reputable sources show that fraud costs the global economy about $4 trillion per year. For us in Nigeria, ISO 37003 is unique in a special way,” he said.