Nigeria features in 3rd place in a new research that reveals the top 10 countries with the highest levels of fraudulent cases.
In the research carried out by Proxyrack, the United States topped the list 10 with 625 cases of occupational fraud recorded in 2022, while South Africa is placed second with 188 cases.
However, Nigeria with 61 cases of occupational fraud in industries, is placed 3rd for the 2022 year.
Other countries on the list include the United Arab Emirates at 4th position with 60 cases, followed by Canada with 50 cases, Kenya at 6th position with 49 cases, followed by Australia with 38 cases. China 33 cases, Saudi Arabia 29 cases and Greece at 10th having 27 cases.
Additionally, the study provides insights into the industries with the biggest increase in fraudulent activity over the last 5 years, financial loses due to fraud across each industry, the number of cases reported across the world, the number of business at risk, and the most common type of fraud for each industry.
The research has also revealed that the United States has recorded considerably more cases of fraud than any other country. 625 cases were recorded in 2022, which is 437 more than South Africa which features in 2nd.
Nigeria completes the top three, with 61 cases throughout 2022. Most reported cases of fraud in the country are related to banking fraud in which scammers attempt to make some quick cash.
Europe made it to the bottom of the list, with 27 cases reported in Greece in 2022.
Further findings from the study reveals that the transportation and warehousing industry takes the top spot in this list of sectors with the biggest increase in fraudulent cases.
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%).
