Effects of Forensic Accounting Tools on Fraud Prevention in Nigeria Listed Deposit Money Banks

Abstract

The main objective of the study is to examine the effect of forensic accounting tools on fraud prevention in Nigeria-listed deposit money banks. Survey research design was adopted and the population of the study was 460 out of which 136 sampled size was determined using purposive sampling techniques, descriptive statistics was used to analyze the data with the aid of Stata 23 software. The findings show among others that big data analytics tools, data visualization tools, and data mining have significant effect on fraud prevention in Nigerian listed deposit money banks. Fraud detection software has no significant effect on fraud prevention in Nigerian-listed deposit money banks. The study recommends among others that Nigerian listed deposit money banks should continue to invest financially and human capital in adopting advanced technological tools such as big data analytics, data visualization tools, data mining techniques, and fraud detection software in fraud prevention. These tools have demonstrated significant effect in enhancing fraud prevention capabilities by enabling real-time monitoring, anomaly detection, and predictive analytics.