US, South Africa, Nigeria top list of reported fraudulent cases globally

Nigeria has been ranked third among top 10 countries with the highest number of reported cases of occupational fraud recorded in industry for the year 2022.

This is according to a new research by Proxyrack, stating that the country comes behind the United States of America (USA) which has 625 and highest reported cases globally while South Africa makes second on the ranking list with 188 cases followed by Nigeria with 61 cases. 

The data company, in its industry fraud index report, stated that different job sectors recorded an estimated global loss of $3.6 billion in 2022 alone, due to a sharp rise in fraudulent activity over recent years.

According to the report, cases of fraud recorded from Nigeria are banking-related, adding that industry of transportation and warehousing takes the top spot in this list of sectors with the biggest increase in fraudulent cases globally.

“Completing this top three list of the countries with the highest number of fraudulent cases is Nigeria. Located in West Africa, this country has seen its fair share of fraud in the last year, totalling 61 cases throughout 2022. Similarly to the second-place entry on this list, the most reported cases of fraud in this country are related to banking fraud in which scammers attempt to make some quick cash,” the research says.

“There has been a 20.59% increase in fraud cases between 2016 and 2022; common types of fraud in the industry include falsifying delivery documents and posing as an authentic carrier to help assist criminals in stealing cargo loads. 

“The real estate industry is losing the most money as a result of fraud, with a 117.50% change in financial losses since 2016. 

“64% of all fraud cases in the energy industry are as a result of corruption, followed by the manufacturing industry (59%) and the transportation and warehousing industry (59%),” the research added.