With the global economic crisis, we are continually saturated with large numbers that reflect the billions of dollars and the millions of jobs being lost. But what often goes unnoticed is the tremendous economic cost and social impact caused by global fraud every year.

While we recognise the role of law enforcement and national legislation in fighting fraud, international Standards can also be part of the solution. The development of Standards to reduce fraud losses is a recent development, but one that many now recognise as holding potential for the future. The use of Standards by business, government, consumer groups, and law enforcement provides a cost effective, non-legislative means to develop solutions to this complex problem.

Earlier this year ISO approved the creation of ISO/TC 247, 'Fraud countermeasures and controls', and ISO Project committee (PC) 246, 'Anti-counterfeiting tools'.

These two ISO initiatives are the beginning of the development of a new class of Standards. These Standards will be focused on reducing the financial loss and social consequences that result from fraud within the areas of brand protection, counterfeiting, identity theft, and identity management.

ISO/TC 247 will bring together experts from around the world to focus on fraud issues and how Standards can be developed as holistic solutions.

Summarised from an article by Michael O'Neil, Secretary, ISO Technical Committee (TC) 247, 'Fraud countermeasures and controls'.