Forensic Accounting, Fraud Detection, and Prevention in Deposit Money Banks in Nigeria
Keywords:
Trend analysis, Data mining, Asset misappropriation
Abstract
This study examines the critical role of forensic accounting in detecting and preventing fraud in Nigerian Deposit Money Banks. Despite increased regulatory efforts, financial institutions continue to face evolving fraud schemes, highlighting a persistent knowledge gap in effective fraud management practices. The research aims to assess how forensic accounting techniques such as trend analysis, data mining, and asset misappropriation detection influence fraud prevention. A survey research design was employed, using data from 18 registered Nigerian Deposit Money Banks as of December 31, 2022. Primary data were gathered through structured questionnaires and analyzed using panel corrected standard error regression and descriptive statistics to address heteroscedasticity and endogeneity issues. Findings revealed that trend analysis (β = 0.5329, t = 7.017, p < 0.001), data mining (β = 0.4109, t = 5.700, p < 0.001), and asset misappropriation detection (β = 0.6325, t = 8.153, p < 0.001) significantly enhance fraud detection and prevention. The study concludes that forensic accounting tools are essential for safeguarding financial institutions' integrity, emphasizing the need for continuous adoption of advanced fraud detection methods.
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Published
2024-12-10
How to Cite
Olabisi, S. O. (2024). Forensic Accounting, Fraud Detection, and Prevention in Deposit Money Banks in Nigeria. Central Asian Journal of Innovations on Tourism Management and Finance, 5(8), 598-624. https://doi.org/10.51699/cajitmf.v5i8.795
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