By Yahaya UmarStandards Organisation of Nigeria ,SON, says the global economy loses over 4.7 trillion dollars through fraud every year, amounting to nearly 7% of annual revenues of organisations worldwide. The ISO 37003:2025 is the world’s first international fraud control management system standard. He said that the findings confirmed the urgent need for a dedicated fraud control standard, as the economic and social costs of fraud continued to rise. Osunbor said that the new standard provided guidance for organisations to develop, implement and maintain effective fraud control management systems, covering prevention, early detection and response. Earlier, the Director-General of SON, Dr Ifeanyi Okeke, described the ISO 37003:2025 Fraud Control Management System, as a strategic tool to promote transparency and good governance in the country.