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.

According to the Institute’s Founder/Chairman, Governing Council, Dr Iliyasu Gashinbaki, fraud has become one of the most pressing global risks of the 21st century, costing economies, institutions, and individuals trillions of dollars yearly. He said: “According to the Association of Certified Fraud Examiners (ACFE), organisations worldwide lose an estimated five per cent of their yearly revenues to fraud, amounting to a staggering $4.7 trillion in global losses every year.”

The figure, he said, was almost equal to the nominal Gross Domestic Product (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), Gashinbaki added.

A statement issued yesterday by the institute stated that Gashinbaki spoke in Abuja against the backdrop of this year’s International Fraud Awareness Week, which kicked off on November 16 with the theme: “Empowering Integrity: Unifying Against Fraud in Every Sector.”

On what should be done to combat the fraud, Gashinbaki declared that the 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, and citizens must remain vigilant, informed, and committed to reporting suspicious activities.